I’m Ready to Retire…
Retirement Scenario
Raj (64) and Maya (61)
Ready to Retire Now
How do I make the most of my resources?
Congratulations. If you’re reading this it’s likely that you’ve done the right things to put yourself in a good place to retire. You may not feel that way now. That’s normal. Many of our clients don’t feel that way either at first. But after working with us to envision and create a well-planned retirement, they feel confident and excited about their futures. (Well-planned does not mean this is going to be hard. I don’t think it will be.)
In this example, the couple has saved healthy balances in their retirement accounts, but they know they can’t afford to make mistakes. They’re looking for help putting it all together to make sense of what their retirement will look like. Sound familiar? If so, please read on:
Background:
Raj and Maya would like to know if they can retire in the next year. Raj, age 64, has had a career in management and has been with his current company for 20 years. He would like to retire at the end of this year. His wife Maya, age 61, has worked as an office manager for almost 25 years. She also is ready to retire but wants to make sure it’s the smart thing for them to do. They have around $750,000 in retirement accounts and $150,000 in other savings. Raj will also receive a small monthly pension and they will both have Social Security.
They saw their investments take a hit during the 2008 financial crisis and they are worried about that happening again. They will receive around $30,000 per year from Social Security. They live a modest lifestyle but know they will need to use their savings to fill the gap in income from costs not covered by Social Security and their pension. They want a strategy for predictable income and a plan for how they can enjoy their retirement, not just survive it. Raj is also concerned that Maya is taken care of should the need arise, and she is on her own.
After getting to know the couple, Hunt Country Wealth Management will design a Sovereign Series™ Retirement Plan with the following goals:
- Limit the risk of a bad stock market derailing their retirement.
- Optimize their Social Security and Pension Plan.
- Create a plan to preserve their principal.
- Protect their standard of living against inflation by planning for a rising income for 30 years of retirement and beyond.
- Plan for health insurance costs until they reach age 65 and qualify for Medicare.
- Show exactly which retirement savings accounts to use first, when and how.
- Create a system for how their income will be directly deposited into their bank account and taxes will be withheld.
Expected Results for Raj and Maya:
- Raj and Maya know exactly how much income they can expect.
- They can retire on their terms, when they want, with certainty and confidence.
- They feel secure knowing they have planned for today and for their future.
- Raj feels good knowing that Maya has both a plan and a relationship that will last throughout their retirement even if something happens to him.
Read Additional Scenarios:
Retirement Scenario | I Plan to Retire Early
Retirement Scenario | I Recently Experienced a Financial Windfall
Retirement Scenario | I Plan to Retire in Three-to-Five Years
Retirement Scenario | I Recently Lost My Spouse
Retirement Scenario | I Have a Dependent Child
Our Services
The Sovereign Series™ Retirement Plan is our signature planning service that will show you how to retire. Our guided step-by-step framework is easy to follow and provides a written financial plan that outlines the best use of your resources and a path to produce reliable income. Gain clarity of direction and a stable foundation to experience the freedom of a well-planned retirement.
This service was designed for those who want to...
- Feel confident and prepared for retirement
- Know the amount/regularity of income your resources can produce
- Have control over your financial future and clarity of direction.
Guided Investing™ is our comprehensive investment management service. It was designed to help you create a master plan for your finances and offer a strategy to help you optimize and preserve your resources. This process starts with defining your why. It can be applied to investors who are saving for retirement, building wealth, wanting to manage risk or all of the above.
This service was designed for those who want to...
- Feel more confident in their investment decisions
- Design a strategy to reach planned financial milestones such as retirement
- Collaborate with an professional to manage risk and monitor performance
The 90-Minute Strategy Session is a 1:1 session with Chris Merchant, CERTIFIED FINANCIAL PLANNER™. Sometimes you just want to talk to a professional. Whether you want to tap into a broader understanding of a financial topic such as How to Prepare for Retirement or you seek a second opinion on your investment strategy, this session is a great time to discuss the financial considerations on your mind.
This service was designed for those who want to...
- Feel confident and prepared for retirement
- Know the amount/regularity of income your resources can produce
- Feel supported and reinforced working with a Retirement Income Professional
We believe retirement should free you. It all starts with a plan.
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