Nearing Retirement Case Study

Case Study: Nearing Retirement

 

 

 

 

 

Chris: Single Mother, Age 55 | Primary goal: Get a second opinion that she will be able to retire on her terms.

After her career in the banking industry, Chris was ready to start thinking about retirement.

She currently holds a variety of investment accounts, including 401(k)’s from her employers, stocks from an ESPP, stock option grants, and multiple brokerage accounts.

Chrishas one child entering her freshman year of high school. Chris lives modestly, owns her home and car outright, and looks forward to spending more time with her friends and family in retirement.

The Challenge:

Chris was guessing she had enough to retire but also hoped she could leave a legacy for her daughter.

She needed a better plan that would allow her to retire confidently, which is why she sought a financial advisor.

Unfortunately, Chris was weary of advisors after dealing with an overly-salesy advisor a few years back who didn't seem to have Chris' best interest in mind.

The Approach:

After meeting with a few financial advisors in her area, Chris learned of the Certified Financial Planner® credential. CFP® professionals are required to pass 6 Masters level financial courses, and a rigorous 6-hour exam.  Before being award the CFP® credential, candidates must have a minimum of 3 years of direct financial planning experience.  In addition, CFP® professionals are held to strict Code of Ethics, which includes a mandate to put the Client’s interests above their own.

Once she started to work with Curtis S Chen, CFP®, her goals were clearly documented and a personalized plan was developed and implemented. And most importantly, she felt heard and cared for.

The Results:

In collaboration with Chris’ CPA, she was able to:

  • Establish a retirement timeline that included future financial changes (Social Security & Medicare)
  • Organize her assets so she would know if she had enough money to fund what mattered most
  • Reduce potential taxes through charitable strategies and systematic sale of her stock options
  • Maximize the effectiveness of her savings during her remaining working years
  • Set up a college fund for her daughter

 

Disclaimer:

This is a hypothetical situation based on real life examples. Names and circumstances have been changed. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing.