Background

Richard and Lisa have three adult children, with one still in college. Richard has spent over 30 years in the aerospace industry where he first met Lisa who decided to stay home when they began having children

After accumulating wealth throughout his years of hard work as an aerospace engineer, Richard is beginning to think about retirement. With the kids now out of the house, Lisa is looking forward to spending time with Richard travelling. 

He currently holds a variety of investment accounts, including multiple 401(k)s, stock options, restricted stock units and multiple brokerage accounts. Lisa has an old 401(k) that they rarely monitor. 

Richard and Lisa believe they have enough to retire and live comfortably, but they want to be confident that they can live their desired lifestyle. Retirement to them is more than no longer working, they want to be able to travel and spend time with friends and family. 

Challenge

They wanted a plan that would allow Richard to retire confidently knowing they could meet their goals.

Richard and Lisa had so much on their mind, they wanted to know:

• How can we simplify our financial life?
• How do we consolidate our retirement funds?
• What are we investing in?
• How do we create an income stream from our savings that can support our retirement?
• How do we pay for healthcare if we retire before 65?
• When should we take our Social Security Benefits?

Approach

the first step was for Richard and Lisa to sit down with someone who would take the time to listen to their concerns and questions. They have tried this in the past and always felt like they were being sold a product and they just wanted to voice their concerns instead of being sold.

Once their goals, values, and concerns were documented, a personalized retirement plan that was customized to their life priorities could be created. 

Result

Richard and Lisa feel much more confident than they ever have as they were able to:

• Organize and consolidate their assets so they know where their assets are located and how to access them in one place
• Establish a retirement timeline that included Social Security and Medicare
• Create a cohesive investment strategy that was tailored to their risk tolerance, financial goals and values.
• Create a dynamic income stream that adjusted over time to fund their retirement before Medicare and Social Security begin.

With their plan now in place, Richard can feel confident during his last few years of work that his long-term goals are achievable. This also allowed Lisa to embrace the empty nest and dedicate her time volunteering for causes that are important to her without stressing that she needs to re-enter the workforce.

The above case study is hypothetical and does not involve an actual Theorem 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 Theorem Wealth Management is engaged to provide investment advisory services.