CASE STUDY

The Circumstances

Our clients, a married couple in New York in their early 60’s, were looking to retire in a few years.  One of them was still working.  They had different ideas on what retirement might look like and how much they would leave to their children.  What they really needed was objective, experienced, and candid advice.  And a plan.

Our Strategy

One of our ClearRock Wealth Teams sat down with the couple and helped them find common ground among their various retirement goals.

Prioritization: Once their goals were clear, we helped prioritize them to build a practical plan.

Health Care: Since they owned a whole-life insurance policy but no longer needed the benefit, we encouraged them to use its cash-value to fund a Long-Term Care policy.  The net impact to their post-retirement cash flow was negligible, but they had peace of mind owning the new policy.

Diversification: Because they were real estate heavy, they elected to sell their apartment to unlock its equity.  The invested the proceeds in our Diversified Income Portfolio to generate enough income to pay for a beautiful new rental apartment and allow them to rent a condo in Florida.

Spending and Cash Flow:  To overcome the anxiety of no longer receiving paycheck, we developed a monthly spending budget that would help our clients live within their means.  We set up a MoneyLink through Charles Schwab that sweeps their monthly portfolio earnings from the ClearRock portfolio directly into their bank account.

The Outcome

The key to a successful retirement strategy was our Team’s thoughtful listening, our clients’ clear articulation of their goals, and the discipline inherent in the planning process.  The benefit of this personalized strategy is that as our clients’ lives in retirement continue to flourish and sometimes confront challenges, we can refine the plan and adjust as needed.