Dan and Laura
CASE STUDY 02 : AGE 70 & 65
Retired
Primary Goals:
Reduce taxes, improve investments, and create a reliable income stream in retirement.
Dan and Laura recently embarked on their well-deserved retirement journey, with numerous aspirations for their golden years.
Their primary goal is to guarantee that their retirement plan not only supports their envisioned lifestyle but also ensures they never deplete their financial resources.Their top priorities include minimizing taxes, optimizing investments, and generating a dependable income stream during retirement.
The Hurdle
Dan dedicated 35 years of his life to his company before choosing to transition to the next chapter. With their children now independent, he and his wife Laura eagerly anticipate traveling, golfing, and contributing to their community.
Dan's retirement package consists of a 401(k), stock options, and a pension, and he aspires to utilize these assets to provide a comfortable future filled with everything they've dreamed of.
However, he was uncertain about accessing these funds and sought guidance on the available investment opportunities. Dan's ultimate objective was to ensure their money outlasted them while facilitating the comfortable lifestyle they desired.
The Method
The key was to make Dan and Laura's retirement planning process simple, enjoyable, and worry-free.
To preempt any significant surprises, the initial step involved identifying potential tax challenges they might encounter. Collaborating with Dan and Laura's CPA, the retirement planning process entailed- Gathering all necessary information from Dan's company's benefits administrator
- Outlining all available options and their respective tax implications
- Establishing new investment/retirement accounts
- Devising a withdrawal strategy to supply a steady income stream
The Outcome
The solutions adopted by Dan and Laura helped them in many ways:
- They were able to reduce taxes now and in the future
- Dan's retirement savings were invested in a diversified portfolio
- They secured a stable income stream during their retirement years
Today, Dan and Laura are living their best lives. They divide their time between their home in the USA and their beach house in Belize, explore new golf courses, and cherish every moment spent with their grandchildren.
They are confident that their financial plan is sustainable, allowing them to relax and savor life on their terms.Dan and Laura's retirement plan undergoes regular reviews. Most importantly, they stay updated on new tax laws each year to ensure they capitalize on any available opportunities.