Emily, 61
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 the 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.
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.
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. The Wiley Group suggested that she
rollover a portion of her 401(k) into a qualified IRA in order to
properly diversify her investments with The 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.
Pre-Retirement Checkups
With retirement approaching, Emily will get an annual check-up
with her advisor at the 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 The Wiley Group.
This case study is hypothetical in nature, and not a portrayal of a current Wiley Group client. It is designed to provide some insight into what you may expect when working with the Wiley Group regardless of your age and situation.
