Congratulations. If you’re reading this it’s likely that you’ve done the right things to put yourself in a good place to retire. You may not feel that way now. That’s normal. Many of our clients don’t feel that way either at first. But after working with us to envision and create a well-planned retirement, they feel confident and excited about their futures. (Well-planned does not mean this is going to be hard. I don’t think it will be.)
Unlike other retirees, I cannot live just for myself in retirement. I have a special needs child. Leaving a financial legacy and plan for financial management is not just nice to have—it is a necessity.
Dennis (64) and Christie (62) – Retiring with a Special Needs Child
You may be facing the necessity of planning your own retirement as well as for the financial security and futures of others who depend upon you. In this example, we’ll show you how a couple with a special needs child might approach the process of preparing for retirement.
Client Profile:
Dennis (64) and Christie (62) would like to retire in the next few years, but they have a special needs daughter whose future must also be planned for. Although their daughter is now a young adult, it would be difficult for her to live a comfortable independent life without their care and financial support.
Dennis and Christie have around $750,000 in retirement accounts, $200,000 in savings, a good pension from Dennis’s employer and they will both have Social Security retirement benefits.
They are looking forward to their retirement, but they know they cannot just plan for their own future. For Dennis and Christie, leaving an inheritance for their daughter is a must. They know they need a plan that protects their daughter’s future while also creating enough retirement income for themselves so they can enjoy their retirement, not just survive it. They’re not even sure if retirement is possible for them and they want a professional opinion on what their options are.
After getting to know them, Hunt Country Wealth Management will design a plan with the following goals:
- Emphasis placed on protecting an inheritance for their daughter.
- Ensure proper estate planning techniques are used in order to protect their daughter (Trusts etc.).
- Minimize the risk of a bad stock market derailing their retirement date.
- Plan to preserve the principal.
- Plan to know how much income they can expect from their resources.
- Plan to make the best choice as to which retirement savings accounts to use first, when, and how.
- Plan for health insurance costs until they reach age 65 and qualify for Medicare.
- Plan for a rising income to maintain a standard of living for a 25-year retirement.
- Create a system for how their income will be directly deposited into their bank account and taxes will be withheld.
Expected Results for Dennis and Christie
- They have a plan showing them exactly how much income they can expect.
- They have a balanced plan that allows them to retire while also leaving their principal and possibly more as an inheritance for their daughter.
- They use proper estate planning techniques to ensure their daughter and the money they leave to her are protected.
- With HCWM by their side, planning was easier than they thought it would be.
