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The Carson's

Destination Retirement: Retiring Comfortably


Quick Facts


  • The Carsons are typical 50-Forwards looking towards retirement in the coming years.
  • John - 61 
  • Judy - 62
  • High School Sweethearts

Goals


  • Retire comfortably without fear of running out of money or being a burden on their children.
  • Take a “once in a lifetime” cruise for 40th wedding anniversary

Background


John and Judy Carson are in our 50- Forward classification (early 60s/late 50s). Judy is still working and John isn’t working due to a disability. They would like to retire in the coming years while still living comfortably.

Both John and Judy are in good health and expect to live another 25-30 years; therefore, they are worried about running out of money. They don’t want to become a financial burden on their two daughters (in their 30s with families of their own). They actually want to leave the daughters an inheritance.

Challenges


The Carson's are typical of most pre-retirees/50-forwards. They have money saved in various places but they don’t know if it’s enough to live on once a steady income stops. They have $565,000 saved together and can soon collect Social Security. Neither of them have a pension plan, which isn’t uncommon anymore.

Solutions


The Vision-Action process helped the Carson’s identify, prioritize, and conquer their retirement plan. On paper and on purpose. Together, with their CERTIFIED FINANCIAL PLANNER™ professional they were able to able to structure a retirement income plan which seeks growth over the years. As they both approach 65, the plan details which Medicare and Social Security strategies to choose in order to maximize the benefits when they need it most. Healthcare can be a scary expense in retirement as well, so the Carson’s also implemented a long-term care plan that seeks to ensure they can remain in their home for care.

Measurable Results


Judy plans to work for the next 3-5 years. But now they have a plan in place and see a livable retirement in the near future. 

  • Investment Strategy 
    • Bucket #1 is a short-term money bucket for living expenses. Their short-term buckets are more conservative because they need to be accessed quickly and easily as needed.  
    • Bucket #2 is a 3 to 10-year money bucket for living expenses during the early retirement years. 
    • Bucket #3 is a long-term bucket for growth to replenish both buckets and seek growth of income.
  • Retirement Income Plan that provided consistent and predictable income throughout their retirement years.
  • As an added bonus, the Carson's plan to take a cruise for their 40th wedding anniversary next year.

This is a hypothetical example used for illustrative purposes only. The strategies discussed in this example may not be suitable for all readers. Please consult a CFP® Professional, CPA, or attorney prior to taking any action. No strategy assures success or protects against loss. Investing involves risk including loss of principal.