70's - Succeeding in Retirement
Retirement today is often complicated when children and grandchildren want or need your help. Learn how Noyes Capital helps retired couples deal with family communication issues and feel more confident about their own future.
The Challenge: Helping Others While Helping Yourselves
Our representative clients (ages 70 and 72) came to us when they were already mostly retired (but not slowing down). They had been using a name-brand broker and had not been happy with the lack of communication and attention to their needs. Otherwise, their life was good: she was on the board of two nonprofits and also stayed involved in bridge and gardening clubs. He was winding down his consulting practice and acted as Treasurer of several small non-profit Clubs. They were considering moving full time to another state. They both stayed fit and focused on a healthy lifestyle. They refused to be defined by age and always looked for purposeful engagement. Their top priority was being involved with their children and grandchildren on a regular basis, but recently they were having some stressful interactions with family members about money.
Strategy and Solution
The Noyes Capital team sat down with the couple to discuss their current situation, responsibilities and goals. All information was gathered and synched on our automated platform so it could be easily viewed and kept updated.
We spent time building a financial plan to really capture their goals. They wanted to help family and leave a legacy but they were concerned that certain family members may frivolously spend whatever they were given. They wanted to leave a sustainable legacy that could continue to help pay future college costs. They also wanted to support their favorite causes but wanted to do it in the most tax-efficient way.
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 finance their own lifestyle into the future, as well as to help provide sustainable, sensible help to family members.
- Rebalancing and restructuring their investments to lower overall volatility and increase tax efficiency.
- Focusing on cash flow management to ensure adequate income and to keep expenses in check.
- Analysis to see if moving to a new state would be a smart financial move given expected tax changes.
- Creating a plan for family gifting.
- Helping to educate family members on smart spending and saving strategies.
- Helping the couple learn to say no when appropriate to family members who want ongoing support.
- Creating a formal plan for charitable giving.
- ‘Family office’ style services to help ensure their legacy is sustainable.
With the help of the Noyes Capital team, this couple was able to move to a new home in a different state, enjoy the new location and save on taxes. Regular phone calls and emails help us keep them on track with their plan. The formal family gifting plan has helped take a weight off their shoulders, and having our team to refer to with family members has made the situation much less stressful. Most importantly, they continue to stay healthy & active and are enjoying this next phase of their lives.