Facing a Big Change
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Case Study #3: David and Joanne
Age: 63 & 60
Primary Goal:To better understand their financial options as they near retirement and gain assurance that they’re on track to retire comfortably.
David and Joanne want to retire.
Although they’ve been empty nesters for the last five years, their lifestyle hasn’t changed significantly since their children left home. Both continue to work full-time and live in the same house where they raised their two daughters.
David is a partner in a CPA firm and Joanne is executive assistant to the CEO of a mid-sized manufacturing company. They both enjoy their work and earn a comfortable living.
But with David nearing 65, they are beginning to consider their retirement options. The problem is they’re not sure what their options are—or what their next step should be.
Although they have a financial advisor, they’ve recently had trouble getting him to respond to their calls and emails. David and Joanne shared their concerns with Joanne’s sister, who suggested they work with a fee-only, fiduciary financial planner instead.
Although David and Joanne have accumulated a decent-sized nest egg for retirement, they don’t know how much money they need to retire comfortably. Plus, they aren’t sure what additional financial steps they need to take before they stop working.
As they prepare to enter the next phase of their life, David and Joanne want to partner with an expert who prioritizes them as clients, understands their goals, and can help them develop a plan for retirement and beyond.
Before partnering with a fiduciary financial planner, David and Joanne had a number of questions, like:
- “Do we have the financial resources to retire on our terms?”
- “What will we do about health insurance if we retire before age 65?”
- “When should we file for Social Security?”
- “Should we pay off our mortgage before we retire? Does it make sense to downsize?”
Their financial planner helped them develop a comprehensive plan for retirement that addresses their most pressing needs, including:
- A plan to navigate taxes leading up to and in retirement
- A retirement income strategy, including when to file for Social Security to maximize their benefits
- Health insurance options until they’re old enough to file for Medicare
- A long-term investment strategy that ensures they don’t outlive their financial resources
David and Joanne now feel confident they can retire comfortably on their terms. They’re also less stressed about enjoying their hard-earned money today since they have a clear plan for their future.
Note: The above case study is hypothetical and does not involve an actual Chladek Wealth Management client. No portion of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if Chladek Wealth Management is engaged to provide investment advisory services.