Goal: Debra has a clear vision for what she would like to accomplish in her retirement. She wants to be able to travel the world, give generously to charity and church, and leave a legacy for her kids and grandchildren.
Background: Debra has been a law professor at the university just over 15 years now. She has three children and was widowed just 6 years ago. To say Debra and her late husband were diligent savers is an understatement. Between her retirement account with the school, savings, and other investments, Debra has $1.6 million in assets. Debra is an avid photographer and enjoys taking her passion around the country at different national parks. She has always been good with money, but knows her retirement is too important to go through it without an expert.
Since Debra enjoys her job, she is not in a rush to retire. The aspects to consider are:
Working alongside Debra’s CPA, it was important to identify any potential tax challenges that she may encounter.
The advisor team went to work on the retirement planning process which involved:
Helping Debra understand all her options removed many of her worries. She was able to move forward with her plans while staying confident that she was well looked after.
Another important factor was working with her attorney to set up her estate and trust to ensure the transfer of wealth to the next generation would happen just as Debra wishes.
Today, Debra is living her retirement dream by spending time with her grandkids as well as capturing photos in many of the national parks.
She continues to give generously to her favorite organizations, her church, and of course her grandchildren.
Debra reviews her plan regularly. New laws are constantly being monitored every year to make sure she is taking every advantage of every opportunity available to her.
Note: The above case study is hypothetical and does not involve an actual Orion Financial, LLC 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 Orion Financial, LLC is engaged to provide investment advisory services.
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