Client Success Story: Retirement Hopes Become a Reality

When we first met with Phil and Nancy (clients’ names changed for confidentiality purposes), they weren’t sure if they could retire. As their financial planners, we had not yet taken them through the financial planning process, so we weren’t sure either. Phil was an IT professional who worked for the state government. He enjoyed his job, but he was ready for a change and wanted to retire. Nancy was a homemaker who enjoyed singing in her church choir. Phil was not a high income earner, but he and Nancy were frugal and did a good job saving over the years. Phil had a keen eye for details, and he asked us a lot of very good questions. One of Phil’s biggest concerns was deciding which retirement pension plan option to select at retirement. He also had questions about whether or not it made sense to purchase additional years of pension service credit and long-term care insurance.

After analyzing Phil and Nancy’s finances in great detail, it became clear that their retirement plan could benefit from the purchase of additional years of service credit. We assisted them with this process, and we also helped them determine the most efficient means of funding that purchase. We further analyzed Phil’s pension, and we were able to advise him on the best pension payout option, one that would ensure that Nancy was protected in the event of Phil’s passing. Fast forward several weeks later when we met for a final review of their financial plan, and we were able to present some very good news. Not only was Phil in a position to be able to retire, but we had effectively created a strategy that put Phil in a position to be able to retire with more money than he could make if he were to remain employed. In short, he was losing money by going into work every day! We’ll never forget the smiles that lit up the room that evening. In addition to delivering good news about retirement, we also helped Phil and Nancy implement a long-term care strategy that would allow them to enter retirement knowing that they were financially protected from the risk of excessive long-term care costs. It wasn’t long after that meeting that Phil turned in his termination notice, and he was retired shortly thereafter. Phil was greatly missed by his colleagues, but he and Nancy started traveling the world and enjoying the retirement that just a few months earlier they didn’t know could be a reality.

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