Meet Mark and Megan
Ages 55 and 53
Mark and Megan have been diligent savers throughout their careers in finance and manufacturing, and have always planned ahead for making larger purchases.
As a lead maintenance technician, Mark’s job has shifted to be more physically demanding and time consuming.
This has led them to consider retirement more seriously for the first time, and they think there’s an opportunity to make adjustments in their spending & saving habits.
The Challenge
Mark and Megan are concerned that Mark may not be able to work as long as expected in such a physically demanding role, which has put retirement planning at the top of their list.
Their well-earned money had been living in 401k’s and Traditional IRA accounts. They were diligent about maxing out their 401k but didn’t allocate as much to their IRA accounts.
They have always been mindful of their spending choices, but are concerned that they haven’t done enough to support an earlier retirement.
What actions do we have to take now to be able to retire in the next 5-10 years?
What changes can we make to improve our investments while reducing taxes?
How can we incorporate any unexpected health changes into our plan?
How We Helped
Fiduciary standards of a CERTIFIED FINANCIAL PLANNER™ professional
Megan had always taken the lead on their family finances, but she and Mark were ready to find a professional with the expertise to get them on track. We shared our experience and explained our fiduciary commitment and the rigorous ethical standards a CFP® designation holds.Discussions and guidance on the next steps
Megan and Mark were afraid of making mistakes that could impact their retirement timeline or their income down the road. We walked through the next 5-10 years, so they could envision what needed to happen next.Personalized plans focused on their goals
Mark and Megan have envisioned what their lifestyle in retirement would look like, but needed help setting up their finances to support that vision. By understanding their goals, we were able to start adjusting their accounts and assets.
The Results
A plan ready for retirement
We created a comprehensive retirement plan that outlined the necessary steps for a retirement within their ideal timeframe.Review and optimization of all details
We helped optimize the timing of their pension, social security, and retirement account withdrawals based on a coordinated income plan that addressed their bigger financial picture.Consolidation strategies
To help create cohesive investment allocation, we consolidated their 401k’s and IRA accounts. We then helped minimize future taxes by strategically funding the Roth IRA from their inherited brokerage account.
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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.