Can We Retire When We Want?
We met Tom & Sue when they were in their mid-50’s. They had worked hard and were happy that retirement
could soon be around the corner.
- They have two grown children and three grandkids
- Hold significant assets in 401K and IRAs
- Seven years remain on $75K mortgage
- No other debt
- Looking towards retirement and want to make sure they are financially prepared
- Sue’s mother was in declining health/support needed
- Did they have enough money to retire on their own timetable?
- Could Sue stop working in the next 4-5 years? Could Tom retire at 63?
- How would financially supporting Sue’s Mom impact their retirement goals?
- They envision an active retirement including travel
- Do they need more than a will?
Tom and Sue met Steward Advisors through a mutual friend and then met with Steward to discuss:
- Current lifestyle, family and children
- Goals for retirement
- Details about Sue’s Mom’s health
- The Steward Approach as RIAs
Tom and Sue asked us to develop a comprehensive financial plan:
- Used the Steward Riskalyze® tool to determine risk/reward investment comfort level
- Reviewed current retirement plans/investments and recommended adjustments to better align goals
- Reviewed tax returns and recommended tax efficient investments
- Offered options on how to provide long-term financial support for Sue’s Mom
- Determined if long term health care planning was a consideration for Tom and Sue
- Created a retirement income analysis and insight on potential retirement ages
- Coordinated with an estate planning attorney on estate plan or trust
- Retirement goals met; both Tom and Sue retired at 63
- Met with Steward at least twice a year to review cash fow and net worth trends
- Continued to ask about real life issues, including Sue's Mom's health
- Ensured IRA withdrawals were taken in timely and tax efficient manner
- Developed a Social Security claiming strategy to maximize benefits
Are you in a similar situation? We'd be happy to talk Contact us for the full case study or to discuss your unique situation.