Enjoying Retirement
About the Client’s Situation
After diligently accumulating wealth through their working years, Troy and Diane began thinking about retirement. They had multiple investment accounts, including 401ks from previous employers, stock options, a teacher's pension, and multiple brokerage accounts.
With four adult children and seven grandchildren, family play a key role in Troy and Diane’s lifestyle and decisions. They lived modestly, owned their home, and were eager to support their children by watching their grandkids a few days a week. They also wanted to rent a shore house each summer to spend quality time with their kids and grandchildren.
Our Process
Troy and Diane were unsure if they had enough saved to retire and meet their goals. They wanted to know:
- How to best manage their investment accounts for retirement
- What opportunities they had to generate income
- What options were available for them to collect their pension
- If they had enough so as to not outlive their assets
Client Results
Upon going through our planning process, Troy and Diane were able to establish a timeline for retirement that included addressing additional concerns, such as when to collect their Social Security. We helped them organize their assets so they had enough to fund their short, intermediate, and long-term goals.
We were able to reduce unnecessary taxes by utilizing Roth conversions in the early years of their retirement, and then we created an income stream that they felt comfortable with for the long-term. With these new strategies in place, Troy and Diane were able to enjoy vacations with family without having to worry about the organization of their wealth.
“The article above summarizes a hypothetical scenario developed to illustrate the kind of people we help and the problems we solve. Client names and details are not representative of any particular client or group of clients.”
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