Find out what track you are on for retirement. Have you saved and invested enough to provide for your life after you stop working? How should you adjust?
Wondering when she can retire.
Emily first came to us at age 61. She'd been receiving our educational newsletter for years but kept putting off her retirement planning. She finally decided to try a Financeware analysis with Wiley Group. Emily's goal was to retire at 65. She has been working for the same company for almost her entire life and has built up a nest egg that she thinks is significant.
What she doesn't know is whether or not her nest egg will last her throughout the rest of her life.
Here's How We Help Emily
Most of our clients come to us in this stage of their lives. As people approach retirement, the reality sets in: I will soon be responsible for supporting myself entirely without employment (or, sometimes, with part-time employment). The comfort of knowing that you will be taken care of during retirement is something most people seek.
1) Analyze Retirement Strategy
We first ran a complimentary feasibility analysis to make sure that Emily's spending and saving habits made a retirement possible at age 65. With her asset and spending levels, we were able to give her a resounding "green light" for retirement.
Emily told us that she had had no previous idea whether or not she would be okay during retirement and that for the first time in many years she could breathe a sigh of relief.
2) Adjust Portfolio Allocation
We did encounter one problem with Emily's retirement plan. Her 401(k) was heavily allocated to company stock. Given what Emily was trying to accomplish, an over-exposure to company stock was not a prudent idea. Wiley Group suggested that she rollover a portion of her 401(k) into a qualified IRA in order to properly diversify her investments with Wiley Group acting as her portfolio manager. Based on her meetings with our group, she decided to rollover her entire 401(k) balance to us by means of an in-service distribution-a way to transfer a portion or all of a 401(k) to a qualified IRA, while still employed.
3) Pre-Retirement Checkups
With retirement approaching, Emily will get an annual check-up with her advisor at Wiley Group as well as comprehensive, transparent information on portfolio allocation and performance. From e-mail newsletters to quarterly portfolio performance conference calls to educational client events, we make sure Emily understands all the aspects not only of her retirement plan, but also her portfolio.
Now we believe that Emily has a good understanding of her financial picture, and comfort knowing that her assets are being managed by Wiley Group.