Case Studies: Nearing Retirement
Case Study 1
When these clients came to us, one spouse was already retired, but the other didn't know when that time might come. They were also concerned about what they would do in retirement, and what that transition would be like. They decided to attend one of our Retirement Coaching seminars to learn more about that program, and how to get the best Return on Life.
As a result of that seminar and subsequent meetings, we created a financial life plan that not only helped them maintain their existing lifestyle, but gave permission for the second spouse to retire without concerns about cash flows in the future.
Through careful distribution planning and tax planning, our plan showed them how to save over $400,000 in taxes over their lifetime, while providing the flexibility to live their lives to the fullest, and begin gifting money to their children and grandchildren through the years.
Even more importantly, our retirement coaching program worked with both spouses to improve their return on life during their early retirement years by re-establishing what was important to them, what gave them a sense of purpose, and how to best utilize their time and resources, using our Return on Life index tool and activities.
Case Study 2
This couple, both working in their late 50s with two children in university, had a healthy amount of savings, a well-funded RESP, and real estate assets including a recently-inherited commercial property.
They came to us because while he had attempted to put together a financial plan on his own, he wasn't confident in the results, and was afraid he was missing something. Their situation had a lot of moving parts: various pension options, retirement dates, cash flow needs, taxation, and a desire to help their children with their first home purchases.
He planned to continue to work to age 65, even though he wasn't getting the same enjoyment out of his career he had experienced in the past. She wanted to retire in the next 2-3 years, but didn't have the confidence to actually do it, or know whether they would be okay financially if she did.
By taking them through our life-centered planning tools, we were able to map out all these upcoming transitions, and show them that they actually had more than they needed, and she could retire when she wanted. As a result, he decided to move his retirement up by several years in order to better enjoy what they had, and to undertake some hobbies that he had been putting off due to work.