HOW WE'VE HELPED PEOPLE LIKE YOU!
When you’ve lived a frugal lifestyle, a windfall near retirement can suddenly turn your life around. After decades of work, one man was about to receive the funds from his company retirement account, now worth a couple of million dollars. He sought advice from SVA Plumb.
As a hard-working husband, father and grandfather neared retirement, he was excited but concerned about the large 401(k) he had grown over more than four decades of work. He was nearing 70, and one of his main goals in retirement was to simplify his life, not worry about how to manage his money.
After meeting with several organizations, he chose to work with SVA Plumb because the firm was able to offer him more than investment management. The client and his SVA Plumb advisors evaluated the entirety of his financial life, from estate planning to investment management. The team at SVA Plumb conducted a cash flow analysis and reviewed his wills, trusts and life insurance policies.
Together, they developed a spending plan that would allow the client to use his retirement funds wisely. Since his yearly distributions usually exceeded his cash needs, SVA Plumb advised him on ideas for spending while minimizing taxes. The client is now taking yearly vacations with his children and grandchildren, as well as sharing the money with them through gifting. He is also donating to charities for causes that in some way have affected himself and his family.
Today, the client and his wife are enjoying their family in their retirement and are confident that they will be financially comfortable for the rest of their lives. Along with planning to pass on money to their children, they are also able to reap the benefits of spending the money now on the things that matter most to them.
“Now, when we meet, it seems more like a get-together with friends than a business meeting. But as each year passes, and the client’s family continues to evolve, we make sure to adjust his plan to keep up with his family and lifestyle.”