>50 with $1 million or more in assets and looking for a retirement roadmap for an early exit.
You’ve got decision fatigue as you prepare for a new phase and you’re ready to delegate the hard decisions surrounding your retirement plan to a professional.
You’re ready for your next phase but you’ve got questions: Which accounts do we pull from first in retirement? How do we allocate our investment portfolio? How do taxes work and should I do Roth conversions? Is my estate plan in order? What about social security? How will I afford healthcare prior to 65? Do I still need my life insurance? Should I sell my house prior to retirement? What about long term care? Can our plan sustain a downturn in the market?
We’ll create a roadmap and cadence to retirement that allows you to focus on a life well-lived, with those you love, in the place you want to be while creating tax efficiency along the way. We create a distribution plan for retirement, help your with pro-active tax planning, and portfolio construction to align with your goals. We partner with you in thinking through your estate plan and partner with those on your team to create an accountable and worry free retirement.
*Case study below is hypothetical and for illustrative purposes only. It does not involve any Brightworks Financial Planning clients.
Case Study: Bob and Nancy
Age: 55 and 57
Occupation: architect and medical sales team lead
Amount saved: $1.5 million currently
Goal: retire by 60 and create a plan to not outlive their money, concerned about bridging the gap between 60 and 65
The situation: money all in tax-deferred 401ks, one spouse earns significantly more than the other, no plan for healthcare prior to medicare, house paid off, both previously married, household income $400,000, not sure of estate or insurance coverages
The fix: analyzed current cash flow, reduced disability policy coverage according to retirement timeline, improved cash flow with property/casualty audit and recommendations, started a taxable brokerage account for flexibility in early retirement, maxed out Health Savings Accounts to help with bridge healthcare funding, analyzed social security strategies and mapped out retirement projections according to their goals. Educated on estate planning concepts for their blended family and facilitated referral for proper plan implementation. Roth conversion analysis, created a health insurance plan prior to Medicare eligibility, developed tax planning strategies around retirement distributions.