Meet Jeff and Kate
Ages 66 and 65
Jeff, a medical professional, and his wife Kate, a project manager at a bank, are aiming to retire within a year.
They believe they have enough savings to last in retirement, but struggle with the idea of transitioning from a paycheck to living off investments.
The Challenge
Jeff and Kate’s current financial advisor is compensated through commissions, and Jeff is beginning to question if they’re too focused on investments without considering the bigger picture as they approach retirement.
On the other hand, Kate avoids risks due to her conservative financial upbringing. They also wonder about Social Security timing and the impact of starting early or late.
With their retirement date quickly approaching, they have more questions than answers.
Should we keep our current investments or make updates before we retire?
When should we each begin taking Social Security?
How do we generate income from our savings?
How much do we set aside for taxes? Is there anything to help minimize taxes?
How We Helped
Establish clarity with a customized plan
It was important to help Jeff and Kate feel confident in their plan to retire within the next 12 months. To do that, they needed a step-by-step plan that balanced the big picture with the intricate details.An understanding of all moving parts
We conducted an in-depth review of Jeff and Kate’s current financial situation, including assets, liabilities, expenses, and their investment portfolio. From there, we started mapping out a customized retirement income to show them how to transition from a “paycheck” to living off investments and maximizing social security.A reduction of risk and taxes
Leveraging a comprehensive retirement analysis, we were able to pinpoint the minimal amount of investment risk needed to achieve Jeff and Kate’s goals, and not run out of money. We also incorporated tax projections and strategies for minimizing taxes throughout retirement.
The Results
Retirement on time
In collaboration with our team, Jeff and Kate successfully retired when they wanted to and were able to spend their first summer living in Portugal, a place they’ve talked about visiting for years.A plan to rely on
With a personalized plan in place, they have the confidence of knowing their lifestyle is sustainable, and they can enjoy retirement without worry.Ongoing reviews and adjustments
Most importantly, we regularly review and update Jeff and Kate’s financial plan to account for life’s consistent inconsistencies.
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Note: The above case study is hypothetical and does not involve an actual Calamita Wealth Management 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 Calamita Wealth Management is engaged to provide investment advisory services.