Harold & Diane
Case Study #3
67 & 62
Reduce taxes and create a reliable income stream in retirement that outpaces inflation.
Harold and Diane recently retired from rewarding careers and have a vision for their future.
They want to make sure that their retirement plan not only enables the lifestyle they have envisioned in retirement, but that their assets are set up in a way that will make sure they never run out of money.
Reducing taxes, and creating a reliable income stream in retirement was their priority.
Harold devoted 32 years to his company before deciding it was time to move into the next chapter of his life. He and his wife Diane were looking forward to traveling, golfing, and giving back to their community.
His retirement package included a 401(k), stock options, but no pension. He was hoping to put these assets to work so he and Diane could enjoy a comfortable future filled with all the things they dreamed of doing.
Diane’s retirement savings included a few 401(k)s from prior employers, and a very modest pension.
Harold wasn’t quite sure on the most effective ways to draw from these funds, and needed advice as to what investment options were available to him.
Harold and Diane’s ultimate goal was to make sure that their money would outlive them, while allowing them the comfortable lifestyle they envisioned.
It was important to help make Harold and Diane’s retirement planning process enjoyable, stress-free, and easy to understand.
To avoid any major surprises, the first step was to identify any potential tax challenges they may soon face.
Working together with Harold and Diane’s CPA, the retirement planning process involved:
- Compiling all the information they needed from their companies’ benefits administrator
- Summarizing all the options available to them (along with any corresponding tax ramifications)
- Setting up new investment/retirement accounts
- Strategizing a withdrawal plan to provide them with a reliable income stream
Being able to see and understand all of their options removed a lot of worries.
They were able to move forward with their plans, confident in knowing that they would be well looked after.
The solutions adopted by Harold and Diane helped them in many ways:
- They were able to reduce taxes now AND in the future
- Their retirement savings were protected
- They had the advantage of a predictable stream of income that they could not outlive
- Today, Harold and Diane are having the time of their lives. They travel between their home in the MetroWest and their beach house in Hilton Head, visit new golf courses, and spend time with their grandchildren every chance they get.
They have the confidence of knowing that their financial plan is sustainable and that they can enjoy life on their terms.
Harold and Diane’s retirement plan is reviewed regularly. Most importantly, new tax laws are being monitored each year to ensure they are taking advantage of any opportunities available to them.
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Note: The above case study is hypothetical and does not involve an actual Rubino & Liang Wealth Partners client. No portion of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if Rubino & Liang Wealth Partners is engaged to provide investment advisory services.