Case Study – Nearing Retirement

Mark and Sara from West Ashley are nearing retirement, and they are juggling the stress of a busy household and need a partner to help them make well-informed decisions. Mark, the primary financial provider, is 58, and Sara is 57. They want to know how to protect their family today and strategically build their net worth for the future.

Make Wise Retirement Decisions:

  • Mark is an executive at a local firm in Charleston. Although he makes a good living, he feels the stress of being the main provider and is worried about outliving his and Sara’s money in retirement. 
  • Sara is a teacher. She manages the day-to-day finances for their family of four, including two children in high school, and finds it difficult to track their monthly expenses.
  • Mark and Sara are both super busy and want to know exactly how much they can spend during retirement to provide for their lifestyle and protect their family should anything happen to one of them.

Found RAA Through:

Referral

Nearing Retirement Concerns:

  • We seem to always be making decisions from clutter. We need to simplify our financial life and start making well-informed decisions before the window closes!
  • What do we need to do to protect ourselves and our family if something happens to Mark?
  • How do we protect our net worth in retirement? How much should we be saving while we are still working to provide our desired retirement lifestyle and still help our children with college?

Goals:

  • Have better money conversations with one another.
  • Build confidence that we are making wise decisions now to maximize our retirement lifestyle in the future.
  • Get better investment returns, reduce taxes, and protect our family.

Results:

  • Designed an organized plan to outline critical decisions and demonstrate the probable outcome of the choices available. This allowed Mark and Sara to discuss the most important financial matters in their lives.
  • Recommended steps to protect their family should anything happen to one of them. This included evaluating the proper insurances, simplifying their investments, and facilitating adequate estate planning.
  • Started consolidating all the moving financial parts to achieve more consistent investment returns, lower taxes and, above all, to make it simple for their loved ones, should anything happen to them.
Financial planning case study about Nearing Retirement by Runey & Associates Wealth Management.

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