Diagnosed with a Health Issue
AGE:
57 and 59
GOALS:
Create a retirement plan that gives them the confidence to retire, know how much they need to withdraw from investments, and create tax-efficient income to support them in early retirement.
Miah and Noah have been thinking about retiring for more than a decade. They have two kids they want to help support while not putting their retirement at risk. They aren’t sure how to balance taking care of themselves while helping their adult children. They feel they have been doing a good job managing their finances, but they are ready to turn over control of managing their investments and hire a financial planner as they retire.
Noah handles their investing, but is feeling less confident about the decisions they face when retiring. He isn’t sure how to turn their savings into income, from which accounts to start withdrawals, how Roth conversions factor into their plan, and is worried their estate plan doesn’t reflect the changes their family has experienced the last few years. Mia handles the household bills, but has not been involved in what Noah does.
They haven’t set aside the time to figure out whether they have enough for retirement and how they can support their adult kids. They think they are okay, but would like an expert to build them a retirement and tax plan that helps them make good financial decisions today.
Their investments are scattered among different financial companies, they have a hard time figuring out how they are invested, and would like to figure out how to optimize Social Security benefits as a married couple.
Mia and Noah both want a team of professionals in place to help them retire confidently. They realize they have one opportunity to retire successfully and don’t want to do it alone.
First, they should find someone to listen to what their ideal retirement looks like. They should talk about how they want to spend time, what it means to support their adult children, how they have made financial decisions in the past, and what is most important to them at this point.
The financial planner should build a retirement plan that helps them build a plan for reducing taxes, review insurance coverages that could put retirement at risk, and work with their attorney to build an estate plan that honors their wishes.
As the plan comes together, they should start to feel confident retiring.
Mia and Noah should work at at a comfortable pace to accomplish the following:
They should have a team they trust during one of the most important transitions of their life. The life planning should allow Mia and Noah to enjoy their retirement while helping their adult children early on in life instead of through a large inheritance.
Note: The above case study is hypothetical and does not involve an actual Kindness Financial Planning client. No portion of the content should be construed by a client or prospective client as a guarantee that they will experience the same or certain level of results or satisfaction if Kindness Financial Planning is engaged to provide investment and financial planning services.
