Almost Retired…What’s Next?

Ken (67) is getting ready to retire in less than a year as a corporate executive from a firm where he worked for over 30 years. He and his wife, Meg (64), have four children, all of whom are now grown. Both Ken and Meg have been diligent savers for years. 

Meg retired two years ago as an interior designer for a local firm.  She had a 401K plan that she rolled into a Fidelity account but she isn’t sure if that was the right move.  

Ken has a substantial balance in his 401K account so he’s not sure what the best option is for investing it.  

Ken is thinking about doing some part-time consulting once he retires, but he doesn’t want that to impact when he takes social security.  They don’t want to invade their principal if possible, so consulting might be a good solution.  

They are also taking care of Meg’s father, who is in his late 80s.  While her Dad has money, they are concerned that as his needs increase, they may have to help contribute to his care financially.   

Pain Points

  • When should they both start taking social security?
  • Should Ken do part-time consulting so that they don’t have to invade principal? 
  • Is Meg’s 401k rollover invested correctly? 
  • They don’t really know how much income they will need now that they are both retired to maintain their standard of living
  • Caring for Meg’s father is a pressing concern.
  • They don’t want to have to adjust their current standard of living, if possible.
  • They are concerned about being too risky with investments once retired, but they want to ensure that they have enough income generation from retirement accounts.
  • They don’t want to lose money they can’t make back. 
These are fictional client pictures and profiles that provide case studies that represent unique individual situations and questions that have been presented to Montgomery Taylor Wealth Management.  Examples are for illustrative purposes only and may not necessarily be replicated. This should not be construed as a testimonial or an endorsement of our firm.