Having just celebrated her 60th birthday, Karen started to think seriously about setting a retirement date. Fiercely independent, she wanted to retire on her terms – not on a date set by the Social Security Administration or anybody else for that matter.
When we met with Karen to help answer her question, we first talked about her vision for retirement – what she’d like to do, where she’d like to go, all her needs for life and a few special extras she’d like to enjoy with more time to do so. Next, we looked at her retirement assets and investments to date – which proved to be sizeable – and the income we knew she’d receive from her pension and Social Security.
With her information collected and analyzed, we created a flexible retirement plan that helped us evaluate several scenarios including retiring now or working for a few more years. With a more complete picture of her finances and the options before her, Karen chose to retire before summer to spend more time with her grandchildren. We then designed an income plan based on her assets and set the date for her retirement – all on Karen’s terms.
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This is a hypothetical example for illustrative purposes only. Every client's situation is different and individual results will vary. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.