How We Helped Sally Create a Retirement Plan To Be Closer to Family
Sally* was feeling overwhelmed navigating important financial decisions after inheriting money from her father’s estate. By helping her organize documents, understand priorities like being near family, and developing a comprehensive retirement plan and investment strategy, we were able to provide Sally clarity and confidence that her finances would support her goals of moving closer to loved ones in Florida.
*While the story is true, this person’s name was changed to protect their identity.
A Large Check & a Big Binder
Feeling Overwhelmed
Not only did she come to our first meeting with a large check in hand which she received from her father’s estate, but with paperwork to make an election for her pension. She came to our first meeting feeling overwhelmed with so many decisions to make and unsure what to do next.
In addition, because she was scared to make a mistake with this money, her inaction led her to not taking distributions from an inherited IRA account which she received from her father’s estate, and she may have to pay a tax penalty to the IRS.
Getting Organized
During the course of our initial meetings, we helped her gather her financial documents to create a binder that would house all her important financial information in one place. Her son, who was her POA, greatly appreciated this binder, as it would make it easier for him to find information in case he needed to help her in the future.
It was apparent right away that just getting all her financial documents organized helped alleviate a lot of anxiety.
Establishing Priorities & a Plan
Understanding Her Priorities
We also learned about her past experiences with money, and she recognized that she did not always make the best decisions, but she was determined not to repeat the same mistakes this time.
We were able to help her figure out how much she thought she would need to live on during retirement, and it became clear that her family was important to her.
Unfortunately, she did not live close to the family members she cared for most, so we helped her explore ways to possibly move closer to her son and grandchildren.
Developing a Plan
After analyzing the various pension options, social security options, and investment options, we were able to put together a financial plan and investment strategy that would allow her to buy a small home in a community in Florida that was only five minutes away from her son and his family.
We clearly outlined how much she would be able to live on in retirement and how the investment portfolio we would manage would support this plan.
Long-Term Peace of Mind
She was beyond thrilled to learn that there was a possibility of moving and living close to those she loved most. She also felt relief knowing that we would be there to help carry out the plan and keep her on track, allowing her to focus on the important things in her life, such as family, friends, and travel.
The plan also gave her confidence, knowing that we took the time to understand her priorities. As life’s inevitable transitions occur—such as future long-term care needs, more grandchildren, or stock market ebbs and flows—she knows we will be there to help her make sound financial decisions.
