The husband and wife had risen from humble beginnings to the corporate suite. But their stressful careers and taken a toll on their health and quality of life. They were ready to retire, but could they afford it?
They came to us dogged by uncertainty. They were in their early 60s and feared their savings were insufficient to cover both their daily expenses and the health-care costs they would have to fund until they became eligible for Medicare.
We ran a series of financial projections using various scenarios, and evaluated investment strategies that would provide for lower fees, taxes and risks. We also met with their accountant to evaluate how to enhance tax-savings strategies for their deferred compensation, company stock and stock options.
The numbers demonstrated their solid position: Not only could they retire – but they could survive a serious setback and still maintain their financial security.
They didn’t need to save more money. What they needed was the confidence to believe that they could indeed retire and enjoy a comfortable life. Our careful analysis gave them that confidence. It also demonstrated that they needed to change their mix of investments to reduce their portfolio’s fees, taxes and risks.
Today they are retired. We are now managing their investment portfolio in concert with their accountant and estate-planning lawyer. Not only are they traveling the world, but they have the means to make substantial contributions to several nonprofits as well as to the university where they met. This couple is enjoying the good life and leading what they consider a truly rich life by sharing their wealth to improve the lives of others.