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Older couple standing on a beach

Late 50s/Early 60s wanting to retire in the next couple of years

Background:

Terry and Tammy are empty nesters who are wanting to retire in the next couple of years. They each have 401(k)s at their current employers and Terry has a pension. In retirement, they would like to do some overseas traveling and purchase a beach house for them and their children to enjoy. They are concerned about medical expenses since they are retiring before they are eligible for Medicare, which pension benefit they should choose, and how their travel expense and vacation home will affect their portfolio long term.

Recommendations:

After gathering information on all of Terry and Tammy’s assets, we would build a cash flow analysis to see what their projected income and expenses would be in retirement. Additional expenses would be included in the cash flow to account for health insurance, travel and their vacation home expenses to determine the effects of these expenses on their portfolio. We would open two Rollover IRA accounts for Terry and Tammy to roll their 401(k)s into once they retire. This would allow them greater control of those funds and a wider array of investment options. A review of Terry’s pension would be performed to determine the benefit option that would be optimal for them, the longevity of their cash flow, and their other financial goals. Tammy and Terry have the funds to purchase their vacation home outright. However, we would analyze the effects of purchasing the home out right versus getting a mortgage for the house.

Older couple standing on a beach

Late 50s/Early 60s wanting to retire in the next couple of years

Terry and Tammy are empty nesters who are wanting to retire in the next couple of years. They each have 401(k)s at their current employers and Terry has a pension. In retirement, they would like to do some overseas traveling and purchase a beach house for them and their children to enjoy. They are concerned about medical expenses since they are retiring before they are eligible for Medicare, which pension benefit they should choose, and how their travel expense and vacation home will affect their portfolio long term.

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