A married couple in their mid-sixties: The husband was still working but expected to need to work at least a couple more years, while the wife had retired recently.
This couple had two main questions:
First, they wanted to know if they would be able to maintain their current standard of living while in retirement and still have money for extras like traveling and helping their grandchild with college expenses.
Second, they had several income sources to draw from, each with its own rules and decisions to make. How could they best obtain the income they would need in the next several years?
What we did together:
Determined what would need to happen for the husband to retire as soon as possible. We carefully estimated their living expenses and income sources for the next three years, projected how much they would probably need to take from investments or savings each year, and advised them on where to obtain this money.
Recommended which payout option for the husband’s pension was likely to be best for them in light of their other income sources and the history of life expectancy in both their families.
Recommended which filing strategy for Social Security was likely to be best for them.
Provided specific investment recommendations for each of their existing investment accounts and created a plan specifically designed for their requirements, using low-cost, tax-efficient investment options.
Provided suggestions for reducing their future tax burden through a series of small steps they can take over the next few years.
Evaluated the likelihood that their investments and savings will last throughout their lives. As a result, we concluded that the husband could retire about a year sooner than he had hoped.