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Jon & Pam 

In Retirement

Age:

66 & 62

Primary Goals:

  • Get Pam more involved in financial decisions.

  • Become more involved financially in their church.

  • Make the right decisions about Social Security.

  • Ensure their money will last a lifetime.

Background

Pam and Jon have one child and are very involved in their local church. Jon retired a year ago, He is very concerned about making his money last, hasn't taken Social Security yet and wants to make sure he does that right. Additionally, he wants to reduce his tax bill as much as possible. Pam has never been truly involved in making the "money decisions."

The Challenge

They need to feel more comfortable about their money lasting for their entire lifetime. 

Need to decide the best strategy for claiming Social Security for Jon and Pam.  

 

Pam needs to become more involved in family financial matters. 

 

They want to effectively give money to the church.

The Approach

Jon and Pam go through our "PLAN BETTER, INVEST BETTER, LIVE BETTER" process, including completing the "Financial Planning Guidebook." This process helps gather, organize and integrate retirement, investment, estate, tax, and insurance planning into a cohesive plan.

 

We optimized withdrawals out of retirement accounts to lower their taxes (saving $5,000 a year) and developed a Social Security plan to maximize the benefits over their lifetimes (increasing projected benefits by nearly $150,000).

 

We also developed a charitable giving plan to give to their church over both the short-term and long-term that maximized the tax efficiency, allowing them to increase their gifting amount. 

The Results

Through the process, Pam became more knowledgeable about their financial position and Jon became confident in their long-term financial future.

 

They feel more comfortable and confident about their income and its sustainability.

 

Their taxes were dramatically lowered and Social Security benefits will provide projected benefits totaling over $1.5 million. Pam and Jon are now able to LIVE BETTER, knowing they've planned and invested better. 

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