Nearing Retirement
Case Study
Donna’s Story
After spending her career working as a nurse in roles continually advancing into leadership, Donna is ready to retire. She’d like to do so in the next year or two but wants to make sure she’s in a good place.
She has a pension and some investment accounts. She also has some investments from an inheritance she received a few years ago.
Her only son is an adult who has two children. She’d like to help fund some of her grandchildren’s education.
Donna owns a modest home and has always been careful about saving. She would like to own a place near the beach and wants to better understand how her income and investments will work when she retires. As she’s nearing retirement, she wants to feel prepared with retirement financial planning.
Needs:
- Wondering if she will have enough to retire
- Wanting to understand how her income will be structured
- Thinking about how her assets can be managed to protect them
- Learning what she needs to know and do about her pension after she retires
- Understanding what she needs for health insurance
- Knowing if she can realize her goals of helping to pay for her grandchildren’s education
- Learning If she can own a second property in a vacation spot
Donna’s Needs
Donna thinks she has enough to retire and meet her goals, but she wants to better understand the logistics. She has questions like:
- What is my money invested in and is that a good fit for my needs?
- How does my pension work after I retire?
- If I retire before age 65, what do I do for health insurance before I can be on Medicare?
- Can I live on the same amount I’m living on now, or does it have to be less?
- Will I be able to purchase property close to the beach?
- What’s the smartest way for me to assist with education expenses for my grandchildren?
Donna’s Plan
When we sit down with possible new clients nearing retirement, Domani Wealth listens first. We want to understand their lives and wishes for the future. We talk through many details in our retirement financial planning approach. (link to FP approach page)
After gathering information needed to create a personalized plan for Donna, an executive summary with different outcomes to review along with her retirement timeline could be created with Domani’s team approach. The recommendations could comprise:
- Income planning
- Organizing accounts so it’s simpler for her to manage
- Detailed options for pension disbursement
- Tax planning to ensure she’s maximizing her money
- A plan for health insurance costs in the interim before she can access Medicare
- Risk level recommendations for her investments
- Financial plans to fund the second property
- Recommendations on the most practical ways to help support her grandchildren’s education
With a detailed financial plan created just for her, Donna has taken steps toward walking into her retirement in the near future with confidence, feeling supported and well-prepared.
Note: The above case study examples are hypothetical and do not involve actual Domani Wealth clients. 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 Domani Wealth is engaged to provide investment advisory services. To the contrary, there can be no assurance that a client or prospective client will experience a certain level of results or satisfaction if Domani is engaged, or continues to be engaged, to provide investment advisory services. A copy of our current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request or at this link.
*Please Note: Limitations: The above is a hypothetical scenario-not involving an actual Domani client. It illustrates the hypothetical experience of a fictitious client based on a scenario that an actual client might experience. The scenario is designed to help illustrate how Domani might provide services to similarly situated clients. Keeping in mind that no two clients, situations, or experiences are exactly alike, the above should not be construed as an endorsement of Domani by any of its past or current clients, nor any assurance that Domani may be able to help any client achieve the same satisfactory results. To the contrary, there can be no assurance that a client or prospective client will experience a certain level of results or satisfaction if Domani is engaged, or continues to be engaged, to provide investment advisory services.
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