Graduating to the Golden Years
Profile
- Married couple
- Husband longtime University professor preparing for retirement
- Referred to us by estate planning attorney
- Had accumulated significant wealth but needed assurance that it would be enough
Context
- Experiencing a significant life change – retirement
- Moving from retirement savings to retirement spending
- Needed tax planning due to final year salary payout and bonus
Goals
- Maintain current lifestyle
- Asset preservation
- Creating a monthly “paycheck” in retirement
- Consolidating assets currently at TIAA-CREF and Fidelity
- Multi-generational legacy
Known Issues
- Wanted the help of a single financial advisor — had multiple service providers
- Anxious about moving into next stage in life — retirement
- Desired coordination with current estate planning attorney and CPA
Unknown Issues
- Didn’t have a handle on how much they were spending
- Asset allocation of retirement assets was not appropriate — too risky
Consultation Process and Solutions
- Team approach from Arbor Trust involving financial planner, trust expert and financial advisor.
- Consulted with client CPA for tax issues and planning
- Prepared financial plan
- As retirement approached, we held regular meetings with clients to formulate strategies, make recommendations and address questions, concerns and issues.
- The financial plan illustrated that the clients had sufficient assets for retirement and that they could maintain current lifestyle.
- The plan also revealed opportunities for tax savings through converting IRA assets to Roth IRAs. This also allowed the efficient transfer of wealth to future generations.
- Consolidated their assets for simplification.
- Helped them with a budget to identify cash flow needs. We were able to create a monthly retirement “paycheck” to support them.
- Most importantly, we were able to provide a financial road map through retirement
This case study is provided for illustrative purposes only to provide an example of the Firm’s process and methodology. Past performance is no guarantee of future results. The results portrayed in this case study are not representative of all of the Firm’s clients or the clients’ experiences. Different types of investments involve varying degrees of risk, and actual results may vary materially than those portrayed herein. Therefore, it should not be assumed that the future results of any specific investment or investment strategy will be profitable or equal the results portrayed herein. An individual’s experience may vary based on his or her individual circumstances and there can be no assurance that the Firm will be able to achieve similar results in comparable situations. No portion of this case study is to be interpreted as a testimonial or endorsement of the Firm’s investment advisory services and it is not known whether the Firm’s clients whose amalgamations the testimonials are based upon approve of the Firm or its services. The information contained herein should not be construed as personalized investment advice. Please contact us for additional information with respect to the strategies and/or investments described herein.