I Recently Lost My Spouse
Retirement Scenario
Sharon (62)
Recently Widowed
My life has been turned upside down. How do I make the best choices for my future retirement and security?
In this example, our client is facing the prospect of moving forward on her own after the death of her husband. She’s not a gambler and doesn’t want to rely on the performance of the stock market for her near-term retirement income.
Background:
Sharon, 62, had dreamed of the day she and her husband Sam would retire. Last fall, Sam died unexpectedly. Sharon is a music teacher and has been an educator for over 30 years. She has her husband’s life insurance of around $600,000, a retirement account of $450,000, and other savings of $75,000. She knows she will also have Social Security and a small pension from her husband’s employer. Sharon’s plans for retirement have changed dramatically in the last year. With all the upheaval and financial matters to coordinate, she wonders where to start and whether she will be able to retire confidently, knowing her parents have both lived well into their 90s. She also wonders if it makes sense to pay off the mortgage on her house. She’s also considering downsizing to a smaller home.
After getting to know Sharon, Hunt Country Wealth Management will design a Sovereign Series™ Retirement Plan with the following goals:
- Determine if she should pay off her mortgage.
- Understand her spousal benefits for Social Security and the pension.
- Minimize the risk of a bad stock market derailing her retirement date.
- Plan to protect her for a 30-year retirement and beyond.
- Plan to preserve the principal.
- Plan to know how much income she can expect from her resources.
- Plan to make the best choice as to which retirement savings accounts to use first, when, and how.
- Plan for health insurance costs until she reaches age 65 and qualifies for Medicare.
- Plan for a rising income to maintain a standard of living for a 30-year retirement.
- Set up her retirement accounts so distributions are directly deposited into her bank account and taxes are withheld.
Expected Results for Sharon:
- She’ll know she can live independently without relying on anyone for her financial security.
- She’ll know how much income she can expect.
- She’ll know whether or not she should pay off her mortgage.
- With HCWM by her side, planning was easier than she thought it would be.
Read Additional Scenarios:
Retirement Scenario | I’m Ready to Retire
Retirement Scenario | I Recently Experienced a Financial Windfall
Retirement Scenario | I Plan to Retire in Three-to-Five Years
Retirement Scenario | I Plan to Retire Early
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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