Pre-Retirement

Brian and Melissa have saved and invested well during their careers to build a nest egg that supports how they want to retire. Because of this, they are anticipating retiring comfortably at ages 62 and 59. While they have the amount they will need, a current volatile market makes them uneasy about stopping working.

They want to feel confident when it comes to spending what they’ve saved. They want to be able to travel a few times a year to Arizona and Maine to visit their daughters and their growing families. They enjoy camping and hope to spend time in the summer exploring for a few weeks at a time. 

We work together to establish how much they will need each month in retirement and build out a 5-year Income Plan. This will include all dollar amounts from our invested portfolios, pensions, social security, and other income sources to align where their monthly income will come from. Building a 5-year Income Plan allows them to help reduce the stress of a volatile market as these funds needed in that timeline are allocated into much less volatile investments such as CDs or bonds. 

With their retirement timeline narrowed down, we establish short-term goals together for the next 3-5 years to button up the plan. They make great strides towards paying off their $9,000 car loan and their $2,000 credit card debt so that this will be gone by retirement. Once the high-interest credit card debt is paid off, we’ve worked with them to budget enough money for Melissa’s catch-up contributions to their 401(k) and IRA.

They will not be eligible for Medicare until age 65 and we will need to find a cost-effective healthcare plan to enroll in and then account for the premiums within the monthly income. Together with the team, we evaluate Medicare options and lay out the enrollment process for when they each turn 65.

Pre-retirement planning takes much detail and focuses on how you envision your retirement. We worked with Brian and Melissa to nail down specifics from their financial plan to look at how they will have monthly income each month when they do retire and what to expect in those early retirement years.