CASE STUDY 2: The importance of a financial review
For years, the Greens had been operating in their routine “business as usual” mode with their budgeting and planning, but now big changes were occurring in their lives as they transitioned into retirement. They knew it was time for the advice of experienced financial professionals.
It was time to sit down and look at decisions that had been made. Time to make sure insurance policies were still appropriate. And time to review tax expectations and liabilities. Time to make certain that retirement would be all they wanted it to be.
Social Security analysis, as well as essential matters such as insurance and tax mitigation, should always be part of the bigger plan. We engaged in comprehensive financial planning, taking into careful consideration all of the interconnected components. We reviewed and checked investments, insurance policies, budgets, spending behavior, income and Social Security status.
We utilized Goal Planning & Monitoring, a proprietary planning software from Raymond James that provided a helpful way to address their needs and preferences, while visualizing different scenarios and projecting the probability of various outcomes.
It was here that we discovered that their Social Security distribution was messed up – they didn’t calculate it right. For the Greens, and many people, Social Security becomes half of their income or more. When it isn’t right, it’s a big problem.
That’s the benefit of regular plan checkups and financial reviews: to make sure everything is in order and working in harmony – and adjusted in accordance to how your life changes. Sometimes a gentle nudge is needed to make an appointment or to set aside enough time to take care of business. After all, procrastination is all too common in life. We all may balk at making an appointment with our physician when we’re sick. But as we see here with the Greens’ story, a regular financial checkup “cured” a mistake that was weakening their financial health.
The Greens now understand the importance of all-inclusive planning and following up with a financial review – and they are looking forward to their next “financial checkup.”
The projections or other information generated by Goal Planning & Monitoring regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Goal Planning & Monitoring results may vary with each use and over time. Past performance may not be indicative of future results. This hypothetical example is for illustrative purposes and is not representative of any actual experience. Individual results will vary.