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Steve & Tracy

Steve & Tracy

 Case Study #2


Age: 

66 & 63


Goal:  

Create a reliable income stream in retirement to support lifestyle, reduce tax liability, improve investments

Background:

Steve and Tracy recently retired from their long-standing careers and have some big plans. They’re nervous about what lies ahead and want to make sure that they can do what they want, when they want, without the fear of running out of money. Creating a reliable income stream to support their lifestyle in retirement, reducing their tax liability, and improving the investments they currently hold were their main goals. 

Steve worked for the same company for 30 years before deciding to transition into retirement. Tracy on the other hand worked for several employers throughout her working career. With their children finally through college and out of the house, they were looking forward to traveling, boating, and becoming active within the community. 

Steve’s retirement package included a 401(k) and a pension while Tracy had several old 401(k) plans that had remained with former employers throughout the years. They were hoping to use these assets to support the next phase of their life. While Steve and Tracy understood they had assets available to them, they struggled with piecing together the most efficient way to utilize these assets to support their goals. They quickly recognized that to have the comfortable lifestyle that they envisioned; they needed some help getting there.


Process:

Process:

Steve and Tracy were looking for a team of professionals to help make their retirement planning process seamless and stress-free. That’s where ProEast came in. The first step in the process was to gather all the information both Steve and Tracy needed from their former employer’s benefits department.

Next up we made sure to engage with Steve and Tracy’s CPA to fully understand our options with regards to the tax ramifications that any suggested changes might have. Once we were able to summarize all available options for Steve and Tracy, we were able to establish consolidated retirement accounts and then strategize withdrawal plans to help support their goals in retirement.

Results:

Once Steve and Tracy felt comfortable moving forward with their new retirement plan, they were able to remove a lot of that stress that had initially popped up for them. Feeling confident in their new approach, they were excited to get on with this next phase of their life. The strategies that Steve and Tracy were now using had further cemented their goals of creating a reliable income stream in retirement, minimizing their tax liability, and improving upon their investments.

Today:

Steve and Tracy were able to start their travel plans, get out on their boat as often as possible and begin giving back to their community in their spare time. With ongoing education and support from their team at ProEast, Steve and Tracy felt confident enjoying this new chapter in their lives. Having that assurance that a team of professionals was there every step of the way made their retirement that much more enjoyable.

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