Nearing Retirement Case Study
Philip & Susan, 65 & 61 | Primary goal: reduce taxes, leave a legacy, and ensure a reliable income stream in retirement.
Philip and Susan have had exciting careers in the manufacturing industry, but are ready for their next phase of life...retirement!
They’d been doing everything right throughout their careers:
- Generating above average incomes
- Maxing out retirement vehicles and other investments
- Building sizeable equity in their home
- Protecting themselves with the right types of insurance
So what’s the problem? They weren’t sure how to make it all happen.
The Challenge:
Philip was pretty sure him and Susan had enough to retire, but "pretty sure" wasn't good enough for him. He needed a real plan that would allow them to retire confidently and address Susan's concerns with health care. He knew exactly where to go – a financial advisor.
The only problem is Philip was weary of advisors after dealing with an overly-salesy advisor a few years back who did not have their best interest in mind.
The Approach:
After meeting with a few financial advisors in his area, Philip & Susan knew they wanted to work with a local advisory team that focused on personal communications and an education-first approach.
Once sitting down with the team at Cousino Wealth Advisors, their goals were clearly documented and a personalized plan was starting to come to fruition. And most importantly, they felt heard and not sold to.
A Personalized Plan:
In collaboration with Philip & Susan's CPA, Cousino Wealth Advisors recommended:
- Establishing a retirement timeline that included future financial changes (Social Security & Medicare)
- Organizing their assets so they know they have enough money to fund what matters most
- Reducing potential taxes through charitable strategies and systematic sale of their stock options
- Maximizing the effectiveness of their savings and other investments
- Creating a reliable income stream
Disclaimer: The above case studies are hypothetical and do not involve an actual Cousino Wealth Advisors 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 Cousino Wealth Advisors is engaged to provide investment advisory services.