Mark & Megan

Case Study #2: Age 55 and 53

Nearing Retirement (Living Frugally)

Primary Goals:

  • Are we on track?
  • Improve investments
  • Minimize taxes
  • Maintain our health
  • Partner with a professional

Case Studies

Megan works in HR at a large financial institution. Mark has been in manufacturing for almost 35 years and worked his way up to lead maintenance technician.

Mark and Megan have been consistent savers over the years because of their ability to spend within in their means and save in advance for large purchases like cars, family vacations and a sizeable down payment on their house.

The Challenge

Because of Mark’s physically demanding and sometimes around the clock work, they are both concerned about how much longer Mark can keep up the pace so retiring sooner rather than later is a priority.

Mark and Megan feel they can make some adjustments to spending and saving if need be, over the next 5-10 years.

Other than an inherited brokerage account and bank pension, all retirement money is in various 401k’s and Traditional IRA accounts.

Mark and Megan have maxed out their 401k every year but did not have the extra money to consistently fund IRA accounts or add to the brokerage account. They are hoping Megan’s pension will help make up the difference.

They are looking for expert guidance so they can retire successfully.

The Approach

Megan took the lead on the family finances, and she felt they were on the right track. However, she also knew her expertise with money only went so far.

Fearing potential mistakes and recognizing the significance of their future, she decided to seek help from someone who could provide clarity and guidance for the next 5-10 years and beyond.

The Results

In collaboration with their financial planner, Mark and Megan were able to:

  • Create a comprehensive retirement plan outlining the necessary steps for a timely retirement.
  • Optimize the timing of pension, social security and retirement account withdrawals through a coordinated income plan.
  • Consolidate 401k’s and IRA accounts to achieve a cohesive investment allocation in line with their retirement goals.
  • Minimize future taxes through strategically funding Roth IRA’s from their inherited brokerage account.

With a thoughtfully created plan in place, Mark and Megan feel they are heading towards retirement with confidence.

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.