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Client Profile: How We Helped A Couple Organize Their Finances And Plan To Retire With Confidence

Client Profile: How We Helped A Couple Organize Their Finances And Plan To Retire With Confidence

April 19, 2021

The Client

The couple in this case study came to Security Financial Management in need of reassurance and guidance for retirement. Both in their 50s, the husband is a successful executive working for Lockheed Martin and the wife works for an attorney, but her job offers no benefits. Their son is an adult, getting close to college graduation.

Seeing retirement on the horizon, this couple knew they needed to finalize their retirement plans and make sure they would be ready when the time comes. 

The Goal

To properly form a financial plan to address their needs, we started with a list of the concerns and priorities they had in mind.

  • Make a plan that would allow the husband to retire by age 62.
  • Keep their Central Florida home and buy a home in South Carolina.
  • Confirm that the assets and benefits they had acquired from Lockheed would be sufficient to retire.
  • Evaluate health insurance.
  • Coordinate benefits like RSUs and various savings plans, including Roth or pre-tax, a pension, and any HSA accounts.
  • Strategize when to begin taking Social Security.

 I started with these known priorities, and then grew the plan to include some blind spots.

How I Helped

I began by taking a step back and looking at the big picture. Evaluating retirement readiness includes the process of seeing available assets and then looking at future needs. Once you clearly see the current status and where the holes are, you can then make a cohesive plan to fill in the gaps.

 I could see that this couple’s assets overall were in really good shape. However, they were struggling to feel confident for retirement because of their disorganized financial situation. To better order their finances, we started tying up some loose ends.

There were old 401(k)s floating around, not being shepherded well. Since it is always recommended to take your old 401(k)s with you when you leave an employer, we helped consolidate these and move them to where they could be managed.

Their current Lockheed savings plans (401(k), DMICP, etc.) were evaluated next. Every client is given a risk tolerance questionnaire, and their portfolios are examined to see if they are invested appropriately to the client’s risk tolerance. This couple was heavily lopsided into higher-risk investments than their risk tolerance would suggest, so we adjusted to bring the risk level down.

Together we went step by step to address their initial concerns. We made a detailed plan for hitting the husband’s retirement age goal of 62. They were well on their way based on their accrued savings, and I showed them a clear path to utilize those savings efficiently. We also worked out how to fit the second home into the equation. When they saw how they would be able to navigate through Social Security and the miscellaneous savings plans, they began to feel confident that they were in a strong position for retirement. 

When it was time to review health insurance, I saw that long-term care planning had been overlooked. We set up coverage for them and for their parents, who had not been considered. We also worked out a healthcare coverage plan for the time between retirement and Medicare, ages 62-65.

One big piece of the puzzle that was missing altogether was an estate plan. Attaining financial wealth is important, but you also need a plan in place to protect it. We developed a plan that would protect their assets for the duration of their lives, and secure them as a legacy for future generations.

The Outcome

After carefully going over every detail, these clients were able to have confidence that they were set up for success. With the plan in place, I became their personal coach, meeting with them several times per year to check on progress and help keep things on track. Going forward, we will collaborate with their attorneys, CPA, bankers, and real estate agents to help make solid decisions leading into retirement and beyond.

I Can Help You

You don’t need to wonder if you are going to be ready for retirement when it comes knocking. If you are ready to have confidence that your retirement plans are on the right track, it’s time to get a professional on your team.


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About Security Financial Management

Security Financial Management is an independent financial services firm dedicated to delivering exceptional service built on reliability and trust. With 3 locations in Central Florida and 1 in Rochester, MN, SFM has been partnering with clients for over 25 years, providing comprehensive financial planning. To learn more about Security Financial Management, connect with them on LinkedIn.