Preparing for Retirement

Dave & Lisa

Approaching Retirement and Need Professional Help

Dave’s 63 and a Nuclear Program Manager at TVA, his wife Lisa’s 58, and a tenured professor at University of Tennessee. They’ve both devoted three decades to their respective careers. As they’re approaching retirement, they feel like they’ve got some of the fundamental things in place but wanted real confidence that they’d be able to confidently retire with a reliable income stream. Dave and Lisa also hope to travel (an Alaskan cruise in their near future), Lisa wanted to learn to play the piano, and Dave’s hoping to spend more time on the golf course.

Challenges

Despite their diligent savings, debt-free status, and substantial retirement accounts, Dave and Lisa lacked a confident plan: 

  • Income Uncertainty: How would they convert their nest egg into a reliable paycheck? 
  • Tax Implications: They worked hard to save what they did, making a mistake and giving it back to Uncle Sam wasn’t in the cards. They were unclear about the tax implications of their retirement withdrawals. 
  • Longevity Concerns: They’re young and concerned about the possibility of outliving their savings? 
  • Timing: When was the right time based on their current financial situation, tenure, and age, to call it quits? 

Recognizing the importance of professional guidance, they called us to help them navigate these complexities and achieve their retirement goals with confidence.  

Solution

After we had an in-depth consultation focusing on their specific challenges, we developed a comprehensive financial plan aimed to put their concerns to rest. Key components of the plan included: 

  • 1 Page Wealth Plan Summary: A clear and concise overview of their financial situation and goals. 
  • Retirement Income Plan: A detailed withdrawal strategy to ensure a steady and reliable income stream. 
  • Social Security Claiming Strategy: Optimizing the timing of social security benefits to maximize their lifetime income. 
  • Tax Reduction Strategies: Implementing Roth conversions and charitable gifting to minimize tax liabilities. 
  • Updated Estate Plan: Ensuring their estate plan was current and aligned with their retirement objectives. 

Implementation

  • The implementation process was thorough and personalized:
  • Initial Consultation: Understanding Dave and Lisa’s concerns and retirement dreams.
  • Plan Development: Crafting a tailored plan to address their financial needs and goals.
  • Execution: Systematically implementing the strategies outlined in the plan, with regular check-ins to ensure everything stayed on track.

Note: These are hypothetical situations based on real life examples and are not actual clients. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing.