Case Study

Retiring with a Plan

Couple wonders if they can afford to retire.

The Challenge: Can this couple afford to retire?

Scenario:

Camille and Ben, both in their late 50’s wanted to retire in three years but found themselves asking a very simple question, “Can we afford this?”

 

Like many FBB clients, the couple had been fiscally responsible over their working lives. Some of their accomplishments include:

  • Putting all three children through college.
  • Paying off the mortgage on their home.
  • Saving $3 million in brokerage and retirement accounts.

Up until this point, they had focused all of their energy on building a nest egg but spent very little time figuring out what they wanted their retirement years to look like and how their savings would provide for them when they began taking distributions. They were also concerned about the timing of their retirement.

  • Was three years from now the right time to retire?
  • How would retiring in their early 60’s impact their social security benefits?

Camille and Ben engaged FBB Capital Partners to help them create a customized retirement plan to ensure they had enough money to retire in three years and help define specific financial goals during their retirement years.

Wikipedia: The process of retirement planning aims to:

  • Assess readiness-to-retire given a desired retirement age and lifestyle, i.e., whether one has enough money to retire
  • Identify actions to improve readiness-to-retire
  • Acquire financial planning knowledge
  • Encourage saving practices

FBB Capital Partners Solution:

FBB was able to work closely with Camille and Ben to develop a retirement plan designed to meet their needs throughout their retirement years.

The team at FBB Capital Partners began the process by taking a snapshot of the couple’s current situation. The group gathered all necessary information and spent a significant amount of time helping Camille and Ben ‘dream big’ about how they might want to spend their time without worrying about their finances.

Once Camille and Ben were clear on what they wanted to accomplish, the team created a road map that plotted savings targets for the couple’s final few working years and then defined various income streams that would provide for their lifestyle during retirement.

FBB Capital Partners specializes in simplifying the retirement planning process. The team evaluates all possible solutions, including investments, social security analysis, and eldercare planning.