Client Details
John (59) and Susan (57)

John has worked for a local manufacturing company for 20+ years. Susan has worked as an Elementary school teacher since her kids were in school. John has been contributing to his company’s 401K since they began offering one, while Susan has intermittently added to her 403b through the school system.

Combined, John and Susan have a comfortable annual income of $100,000. They have two CDs at their local bank and a brokerage account they opened years ago with another advisor with whom they don’t speak very often.

Client Goals
John and Susan have been thinking about retirement for a few years. John would love to travel with Susan to see their grandkids more consistently and for pleasure around the U.S.

They are okay with investing in the stock market, but also want to know they will not experience severe swings in their portfolios. Their primary concern - Will their savings last as long as they do and provide a comfortable lifestyle in retirement?

The Consultation
John and Susan schedule an initial 15-minute consultation with Financial Services Center to share their details and goals. At the conclusion, John and Susan schedule a time to meet in person.

John and Susan work together with the financial planner to understand what they should consider before retiring. After reviewing the CEO Retirement Checklist(TM), they have additional questions regarding when to take Social Security; how to balance investing their money for Short, Intermediate and Long Term Needs; and the benefits of consolidating their monies in various investment accounts.

The Plan
John and Susan decide to consolidate their CD monies and a brokerage account held with another financial planner and work with Financial Services Center on the logistics of accomplishing that.

They both intend to work until John is at least 62, but may wait until Full Retirement Age to obtain their full social security benefit. Along the way, they intend to max out their workplace retirement plans (401K and 403b) to boost their retirement savings.

Additionally, John and Susan are encouraged to open a Roth IRA to make after- tax contributions which will provide them a tax-free bucket of income to be used in their retirement years.

As they near their retirement date, they will work closely with Financial Services Center to transition their retirement plans, as well as lay out their Retirement Budget and determine the income they can generate for themselves based upon the assets they have accumulated.

The Result
After employing the services of their financial planner, John and Susan have a clear picture and timeline for how and when they will retire. They understand the pros and cons of taking Social Security at certain ages, how the relationship between stocks and bonds can bring rewards as well as risk, and how much income they can expect to generate from a given level of assets saved and have it last throughout retirement.

Note: The above case study is hypothetical and does not involve an actual Financial Services Center client. No part of the content should be construed by a client or a prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction.

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