Meet John and Nancy Miller
Ages 57 and 55
Over the last 30 years, both John and Nancy worked hard building their careers in banking.
In these final years before retirement, they enjoyed high-paying jobs with benefits including 401(k)s and restricted stock units.
John and Nancy’s two daughters were still in college, and the Millers were adamant on covering tuition completely. They also dream of paying the majority of wedding costs for their girls in the future.
The Challenge
John and Nancy were maxing out their 401(k) contributions annually in hopes of retiring in their mid-60s.
But Nancy’s job became increasingly stressful, no longer fulfilling her as it once did. After talking with John, she’s decided she’s ready to retire as soon as it’s feasible.
The Millers have always felt comfortable managing their finances on their own, but they knew the stakes are too high to go into retirement alone. Now, their top priorities for retirement included:
- Not running out of money
- Minimizing taxes
- Optimizing their retirement investments
- Paying for college and future wedding costs for their kids
Are our investments set
up properly for success in retirement?How do we switch from saving
to living off our investments?How will we cover health care costs
before we’re eligible for Medicare?What can we do to keep taxes
manageable in retirement?
How We Helped
Fiduciary standards of a CERTIFIED FINANCIAL PLANNER™ professional
Understandably, the Millers were apprehensive about trusting someone new with financial details. We explained our fiduciary commitment to our clients, as well as the rigorous ethical standards a CFP® designation holds.Patience and guidance for moving forward
John and Nancy wanted someone who would meet them where they were in their transition to retirement and explain how the process works.Personalized, goal-based planning
Once their goals were clearly spelled out, we were able to move ahead with making a comprehensive retirement plan that matched their family’s values and priorities.
The Results
Retirement-ready portfolio
We improved their investment allocation, reassuring John and Nancy that they were no longer taking on more risk than necessary.Proactive tax planning
We implemented an investment plan that aims to minimize taxes. In addition, we pursued tax strategies including charitable giving, Roth conversions, and Social Security timing.Tax-conscious income strategy
We helped John and Nancy understand which accounts to pull from in retirement and when. Where possible, we transitioned funds to tax-free accounts to help keep their annual tax obligations more predictable.
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Own Success Story?
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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.