One of the most rewarding parts of being a financial advisor is helping clients put all the puzzle pieces of their financial life together so they can live their best lives. I have been helping people in financial services for over 22 years, and this type of work simply never gets old. Today I’d like to share a recent success story of how I helped my new clients, Robert and Lucy, (1) retire with clarity and confidence.
Robert and Lucy
Robert and Lucy are new clients to Favor Wealth, starting with us just two months ago. Lucy is already retired, while Robert is hoping to quit his decades-long corporate career in January. They have three children, all grown and graduated college with no debt, which they worked hard to make happen while still saving and investing for their own retirement.
As they approached their goal of retirement in just a few short months, they wanted to make sure they had a solid plan in place for creating an income in retirement while not running out of money. In addition, they wanted to maintain a conservative investment allocation that was in line with their risk tolerance. They weren’t looking to take giant gambles and unnecessary risk.
When they met with me for advice, they wanted to ensure they’d covered all their bases before taking the leap. Like many others, Robert and Lucy were feeling overwhelmed by all the decisions they needed to make to prepare for this transition.
Robert and Lucy had four main concerns they wanted to address before they retired. These concerns included:
- Could they afford to retire in a few months?
- Were they at risk of running out of money in retirement?
- What was their withdrawal strategy for retirement, and how would they bridge the gap between reaching retirement and filing for their pension and Social Security benefits?
- What pension option should they select?
How I Helped
In order to best help Robert and Lucy, the first thing we did was have in-depth conversations to establish their dreams, values, and goals. In my mind, this is the foundation of their financial plan, and is essential for me to help achieve everything they desire.
As part of that process, I made sure the three of us knew exactly where they stood in terms of their financial situation. That includes their cash reserves, investment and retirement accounts, Social Security and pension options, home value, and their debt.
Now that I had a clear picture of what they envisioned retirement to look like, as well as the resources they had to make it a reality, I ran the numbers to see their Financial Control Scorecard®. This type of analysis is essential to determine where they stand today as well as if they are on track for their future goals.
I also developed an action list of items they needed to move toward a smooth retirement. These recommendations vary from client to client, and often include strategies surrounding investments, taxes, estate planning, retirement planning, Social Security, and healthcare.
Following my analysis of their situation, I was able to report back to Robert and Lucy that they were able to retire completely in January, and would have enough to live on until they claimed Social Security and their pension. In addition, the action list I came up with alerted them to a few blind spots they didn’t realize they needed to address, and motivated them to start taking action so they could retire with confidence.
Our mission at Favor Wealth is to help our clients live the type of life they desire. If you’ve been dreaming about retirement but aren’t sure how all the pieces of the puzzle fit together, I’d love to help. If you’re ready to take the first step toward retirement with confidence and clarity, you can contact us at 659-529-0445 or email me directly at firstname.lastname@example.org to schedule a no-obligation conversation.
Ricky Biel is founder, wealth manager and Chartered Retirement Planning Counselor℠ professional at Favor Wealth, an independent financial advisory firm serving individuals and families near Pasadena, California. Ricky Biel founded Favor Wealth with a desire to provide unbiased, client-centered, community-based financial advice. Ricky and his team of caring, smart professionals want their clients to feel like they’ve done them a favor, making it easier than ever to accomplish their financial goals by blending proven investment methodologies with creative financial technologies. He is on a mission to help his family of clients feel both a sense of relief and excitement about their future. Favor Wealth takes care of their clients’ needs first and foremost and goes the extra mile to make their clients’ finances grow. To meet and see how the Favor Wealth team may be able to help, contact them today at 659-529-0445 or email Ricky directly at email@example.com.
The commentary on this blog/website reflects the personal opinions, viewpoints and analyses of the Favor Wealth Advisors’ employees providing such comments, and should not be regarded as a description of advisory services provided by Favor Wealth Advisors or performance returns of any Favor Wealth Advisors’ Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Favor Wealth Advisors manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
(1) Names changed for confidentiality