Gearing up for retirement in just 15 months, Scott and Janet did not feel completely confident. They had built wealth, but the idea of reversing the process and withdrawing money was a totally foreign concept to them. Their questions included:
- How much can we safely withdraw each year so we don’t run out of money?
- Which account or accounts should we take money from to meet our living expenses?
- Should we switch our investments into income-generating assets like bonds and high dividend stocks?
- When should we take social security?
PartnersInWealth alleviated Scott and Janet’s concerns, assuring them that their problem is common. We also shared a bit about our extensive experience helping clients make a successful transition to retirement.
Armed with knowledge gleaned from asking them thoughtful questions and analyzing the many financial documents they shared with us, we created a WealthPlan just for Scott and Janet. Our WealthPlans include:
- Detailed projections of the client’s wealth over time as they withdraw money from various accounts, including real-time, “what-if” changes in assumptions to demonstrate the potential effect on their wealth.
- Varying withdrawal scenarios using different combinations of accounts, to identify which combination helps a client’s money last longest.
- Historical information illustrating how using wealth to create an income stream increases portfolio risk, at a time when risk tolerance should be declining. And, exactly how we can create a predictable monthly income for our client, while keeping their nest egg safe.
- Graphic presentation of how starting social security at different ages will affect the client’s long-term situation.
Scott and Janet came into the meeting looking worried. They left smiling and feeling confident—excited because they now have a plan in place to transition smoothly from building their wealth to living on it.
Client since: 2013