Frank & Estelle

Age(s): 58 & 55

Occupation: Insurance Salesman & Teacher

Primary Goal: Frank & Estelle have two adult children, and hope grandchildren will be in their future. They have always lived modestly, never chasing the biggest home, newest car, or the most lavish vacations. They have mortgage debt. Their primary plans in retirement include traveling and spending more time with family.

Talk with John

The Challenge

Despite always being diligent savers, Frank & Estelle have become reliant on collecting a routine paycheck every two weeks from their respective employers. The thought of their biweekly paychecks disappearing has left them very uncomfortable with the idea of retiring and relying on their nest egg to supplement their pension income in order to fund their spending goals.

They Also Wondered:

How do we plan for the cost of healthcare in retirement, especially if we retire before age 65?

At what age should we claim our Social Security benefits?

Which pension survivorship option should we choose?

What are some strategies to reduce our tax liability in retirement?

What are some of the best ways to leave a legacy for our kids and grandkids?

How do we consolidate our investment accounts?

How should we be invested in our employer sponsored retirement accounts, pre-tax or Roth?

How do we decide what investment options to choose?

The Approach

The first step for Frank and Estelle was to meet with John and assess if there was a mutual fit for a working relationship. Once they learned more about each other and how John could solve their problems, they began to craft a personalized retirement plan to deliver Frank & Estelle the peace of mind and clarity they needed in order to feel comfortable that they had financial independence

The Results

Frank & Estelle finally had conviction that they could decide to walk away from their employment whenever they wanted because they had a clear roadmap of how they were going to fund their lifestyle in retirement. Further, they knew they now had a trusted, personal CFO in their corner to help navigate any changes that happened along the way. Together, with the implementation assistance of their personal CFO, Frank & Estelle were able to:

Put together a low cost tax-efficient investment strategy for retirement
Pinpoint a date when they both would feel comfortable retiring from their employer and into the next chapter of their lives
Develop an income plan in the years prior to collecting Social Security benefits and going onto Medicare
Consolidate their investment accounts, while implementing a strategy they actually understood and felt confident wouldn’t waiver throughout their retirement.
Create a gifting strategy for the kids, grandkids, and local charities, while also minimizing taxes in doing so
Set aside funds to pay for a nice family experience each year that will create lifetime memories for their kids and grandkids.