Serving those retired or nearing retirement in the Lowcountry
Primary Goal: Income Strategy
Bill and Jennifer recently retired at age 65 and are loving their newfound freedom and flexibility. Bill is receiving a nice monthly pension from his old employer, but he and Jennifer are concerned given his benefit does not provide a survivor benefit.
Before her recent retirement, Jennifer worked as a nurse for 40 years and has saved a healthy balance into her 401(k).
Given Bill and Jennifer’s lengthy years of employment, both spouses are eligible for strong Social Security benefits, but have not yet elected benefits as they are unsure of how to file in a manner that will most optimize their retirement plan.
Jennifer’s mother passed away last year and left her with some Inherited IRA funds as well as non-retirement savings.
- Given the lack of survivor benefit on Bill’s pension, develop strategy to protect Jennifer
- Create income plan to ensure Bill and Jennifer’s savings will not outlive them
- Build strategy for Jennifer’s inherited accounts given Secure Act 2.0 legislation
- Reduce taxes in retirement
The newly retired couple was unsure which investment accounts they should withdraw from first to supplement their income. They were also struggling to understand rules surrounding Social Security benefits given conflicting pieces of information they found online. They decided to connect with a retirement planning firm to help them navigate some of these complexities.
Bill and Jennifer found a peace of mind once a comprehensive retirement plan was built to protect and guide their retirement.
- An in-depth Social Security analysis revealed that Bill should start benefits at his Full Retirement Age, but Jennifer should continue to defer her benefit until age 70 to protect her income later in retirement
- Roadmap created for Jennifer to withdraw her mother’s Inherited IRA within the 10-year Secure Act window
- The plan provided Bill and Jennifer a predictable stream of income they knew they could not outlive
- Proactive tax planning allowed Jennifer to reduce her lifetime tax liability by making Roth conversions in multiple years before she commenced her Social Security benefit.
NOTE: THE ABOVE CASE STUDY IS HYPOTHETICAL AND DOES NOT INVOLVE AN ACTUAL OCEANSIDE ADVISORS CLIENT. NO PORTION OF THE CONTENT SHOULD BE CONSTRUED BY A CLIENT OR PROSPECTIVE CLIENT AS A GUARANTEE THAT HE/SHE WILL EXPERIENCE THE SAME OR CERTAIN LEVEL OF RESULTS OR SATISFACTION IF OCEANSIDE ADVISORS IS ENGAGED TO PROVIDE INVESTMENT ADVISORY SERVICES.
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Important: It’s not uncommon for there to be limited
availability on our calendar.
Our team intentionally limits the number of introductory calls as our top priority is
serving our existing client’s retirement needs. If you are unable to find a
convenient time on our scheduling link, please call our office at 843-830-6568
and we'll try and find a time that works for you.