Post-Retirement

Chris and Madison are in their first year of retirement together. They were well prepared through our detailed planning process to smoothly transition from accumulating assets to spending down their nest egg. Their biggest dream goal is to visit every MLB stadium in the United States and spend a week or two of their time in each of those cities while they are there.

Madison works for the Federal government and receives a pension as a part of her retirement package. Before her retirement date, we determined what her pension election should be so that it aligns with their 5-Year Income Plan. She had options between single life, joint survivor, or lump sum withdrawal. We helped determine what made the most sense for her situation given her health, family longevity, and liquid net worth.

With Madison’s pension and combined investment portfolio, they have some flexibility about whether or not they want to delay Social Security. Doing this will increase their monthly Social Security payments over the long term but put more pressure on their investment portfolio to generate the income they need to live. Both Chris and Madison are relatively healthy individuals and delaying their payments could also allow for higher monthly income over a longer period of time. 

Both Chris and Madison will need Medicare with their retirement for healthcare coverage. We review the enrollment process for both Medicare A and B (these are required for both of them) and look at options for drug coverage and supplemental insurance that will help cover additional expenses.

We worked with them before retirement to build an estate plan that included a trust, a will, and financial and medical power of attorneys. We will continue to review with them and update their estate plan as life goes on and inevitable changes occur.

Wealth KC and LPL Financial do not provide legal advice or services.  Please consult your legal advisor regarding your specific situation.