A client story
The Challenge
Sample clients, ages 61 and 55, have been married for 30 years. One is the director of a small nonprofit and the other is a civil engineer. They both would like to retire and travel more but assume they will have to work for quite a while longer. They are both in good health so the fear of running out of money later is a big concern.
They aren’t very confident about their investments. They, along with some of their colleagues, made some reactive investment moves and got hurt in the 2008 crisis. They fear that any future losses could further hinder their retirement prospects. After reading a bit about specialists in retirement planning and a complimentary consultation with an advisor, they signed up with Scarborough Capital Management.
Our Strategy
First we scheduled a phone meeting to learn about their goals and concerns. We asked them a lot of questions and they talked at length about the type of lifestyle they wanted to have in retirement. We completed a comprehensive “fact finder” that took inventory of their financial picture.
Once we had all of their information and analyzed their situation, we scheduled a virtual conference. During this call, we used a screen-share to review their current situation with them. That included looking at everything they own, owe and their goals. We broke down their current investment holdings. We discussed the potential problem of taking too much risk, or too little. We discussed their actual risk tolerance and preferences and how that would shape their retirement strategy.
We discussed some really important questions.
– Social Security – How much will we receive in Social Security benefits when we retire?
– Retirement Funds – How much savings do we need to retire and start traveling?
– Investment Management – How should I invest my retirement assets?
– Charitable Strategies – What are some charitable giving strategies that we should consider?
– Long-Term Care Planning – What does LTC insurance cover that Medicare and my health insurance won’t?
– Wills and Trusts – What is the difference between a living trust, a revocable trust and a irrevocable trust?
– Estate Tax Strategies – How could we help reduce estate taxes?
We determined which retirement strategy to implement based on their priorities. Over the next few weeks we implemented their plan.
They call us anytime they need help with a financial decision, big or small.
We can help you create an action plan too, it all starts with a call.
