Finding Financial Success in Retirement

60's - Approaching Retirement

The idea of retirement can be overwhelming after a life of busy careers and raising a child.  Learn how Noyes Capital helps successful couples plan for their future and successfully transition into a lifestyle they loved.

Comprehensive financial planning - Noyes Capital Management

Our representative clients, two corporate executives (ages 59 and 64) have succeeded financially.  They are now planning to wind down their current careers and wondering what is next.  Their only child is off to college, so now they have time to catch their breath and plan for the future.

Their Concerns

The couple found Noyes Capital Management after searching on the internet for a fee-only, fiduciary advisor.  During our initial meeting, they told us they were ready to plan for their futures but not exactly sure what that would look like.  They wanted help making sure their finances were lined up for their next act before they sever their ties completely with their current employers.

They had many decisions to make: she was considering joining the board of a local nonprofit organization she supported.  He was looking to offer consulting services as a part time CFO for smaller firms and startups.  They both wanted to stay engaged and make meaningful contributions to the world.  Then, her elderly mother needed more help and care.  They were also considering a second home in Florida and traveling more.

Strategy and Solution

Noyes Capital met with the couple to discuss their current status, responsibilities and goals.  We worked with them to collect all their information and get it on our automated platform so we could see it in one place.

During our review, it became clear that their goals involved securing their financial future so they could be free to enjoy their lives.  They were committed to staying active & healthy and wanted their finances in order so they had peace of mind.

We immediately noticed that overall, across all their taxable and retirement accounts, they were invested more aggressively than they needed to be.  Probably due to recent market gains, they had too much in US large cap stocks and were not adequately diversified.  This put them at risk when the market cycle changed.

Over the course of a few meetings and phone calls, we recommended a strategy.  The strategy included:

  • Preparing a full comprehensive financial plan, to help them transition into a lower risk/lower income, but still very comfortable, lifestyle.
  • Restructuring their investments to a less risky portfolio with lower volatility and more tax-efficient income.
  • Helping them both determine the best timing for retirement from their current positions and maximizing their benefits.
  • Forecasting long term cash flow requirements given the plan for non-simultaneous retirement dates.
  • Maximizing their existing employee benefits.
  • Planning and managing health care costs in retirement.
  • Helping him determine the most tax-efficient way to offer his services as a consultant.
  • Helping them determine the best social security strategy.
  • Creating an elder care plan for her mother.
  • Creating a charitable giving strategy.
  • ‘Family office’ style services including tax strategies and estate planning.

Restructuring their investments took more time and was done gradually so that each step was agreed upon and executed properly.

Result

With more appropriate diversification, the couple is able to confidently make the leap from their current jobs to their future plans.  They are both enjoying their new activities and ventures.  There’s a clear, written road map in place for the future, helping them feel more secure and confident in their new efforts.  Regular meetings and phone calls with Noyes Capital help keep everything going according to plan.  Also we keep the couple’s CPA in the loop and consult with her frequently so that efforts on their behalf are efficiently coordinated.

They wanted help making sure their finances were lined up for their next act before they sever their ties completely with their current employers.

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