Case Study: Optimizing a Financial Plan and Reduce Taxes on a Nest Egg

Case Study: Optimizing a Financial Plan and Reduce Taxes on a Nest Egg

Meet Bill & Lisa (Example)

Ages: 61 + 59

Retirement Goal: Optimize their financial plan and reduce taxes on their nest egg so that they can make working an option instead of a necessity. 

Their story:

Bill and Lisa don’t have a set retirement date. They aren’t sure if they should stop working. They love what they do- Bill is an engineer and Lisa is a school guidance counselor.

They’ve been doing their own retirement planning:

  • They generate a nice income and have worked for the same company/school system for 30 years.
  • They’ve maxed out their 401(k)’s and other retirement accounts.
  • Paid off their mortgage.
  • Protected themselves with life insurance.
  • What’s the problem? 

There’s not one.

They are worried about the What-Ifs.

They are getting concerned about taxes and a volatile market. 

What could Bill and Lisa do? They could look for a specialized retirement planning team of experienced professionals to make sure they are making the right strategic decisions with their money.

A comprehensive plan could look like this: 

  • Utilize tax strategies that work towards getting them as close to the zero-tax bracket as possible for when they decide to retire. 
  • Reduce investment risks.
  • Optimize their full potential of their social security benefits.
  • Build a personal pension plan (guaranteed lifetime income stream) with an emphasis on a higher income during their early years of retirement for travel and family trips.
  • Put strategies in place in case of a long-term care event and for caregiving expenses for their parents.
  • Help them strategically plan to pay for their granddaughter’s wedding.

How NorthStar Financial & Retirement Planning could help you:

Do you see yourself in Bill and Lisa? You have a limited amount of time to make critical decisions that will affect your golden years. You can’t allow too much time to elapse while you consider your options, and you don’t want to leave out any critical factors from your own retirement plan.

You already know it’s important to determine whether your financial situation is stable enough to carry your lifestyle through retirement.

But you don’t know what you don’t know.

You may be deciding whether to take an early retirement package from your employer. Or whether you can stop working because your career is no longer enjoyable, or you’d like to travel with your family.

Whatever your personal situation, it’s imperative to take action soon.

Secure your financial future by calling in the team: retirement professionals who can assist you in making choices that are smart for today and tomorrow. A good place to start defusing potential disasters is by requesting your personalized FREE Retirement Brainstorming Session below or by calling (864) 297-0762.

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- George

George Fossing RICP® | CLTC®, President, CEO