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CIA Success Story: Couple Creates Income Streams Before Retirement

In today’s CIA Success Story, we share a story about a couple that was concerned they wouldn’t have enough money to live comfortably during retirement. After working their entire adult lives, and regularly receiving paychecks from their employers, there was a significant amount of anxiety surrounding the amount of money they would be receiving during their retirement.

The Question:

How can we be sure that we’ll have enough in retirement to be comfortable without receiving our regular paychecks?

The Scenario:

The husband worked as a manager for a large industrial company and the wife worked as a nurse for her entire career to become Chief Nurse. Their children were in their twenties and mostly independent from their parents, aside from one wedding. Both the husband and wife worked their entire lives, but the wife was starting to have some anxiety about not receiving a regular paycheck, which became her biggest obstacle regarding retirement.

How We Helped:

When consulting with our clients who are approaching retirement, it’s important to look at everything in their portfolio, including any investments, liquid assets, pensions, 401(k)s and Social Security benefit packages. If you find yourself in a similar situation, ask yourself these questions when considering your retirement:

  1. Have I been contributing to my 401(k) with every employer?
  2. Have I worked for any employers who offered a pension plan for my retirement?
  3. What investments have I made and how profitable have those been?
  4. Do I have any liquid assets that will generate income during my retirement?

Preparation for Retirement:

You aren’t alone when it comes to planning your retirement. Our trusted advisors at Capital Investment Advisors are trained to examine all funds to help our clients enjoy their retirement. We understand that making the transition into retirement often brings anxiety, and we are here to advise on the best investment strategies.

The Takeaway:

While working with this couple, we discovered that they have several assets which would allow them to enjoy a comfortable retirement. The husband had a pension from a former employer, both husband and wife had a significant amount of Social Security benefits, and they had liquid assets. When we put this together, it amounted to approximately 4 paychecks every month. We also explained that those funds are taxed significantly lower during retirement, and that they wouldn’t be putting money into their 401(k) savings plans.


 

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