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INDIVIDUAL RETIREMENT



RETIREMENT PLANNING FOR INDIVIDUALS

The time to start planning for retirement is now.

A staggering 10,000 Baby Boomers will turn 65 today, and about 10,000 more will cross that threshold every day for the next 14 years (Pew Research Center). For many that’s us, our parents or our grandparents. Are those millions of people financially prepared to retire?

Baby Boomers (born 1945-1966) aren’t really known as being great savers, but rather rely heavily on pensions and generous company retirement fund matching benefits.

Generation X (born 1967-1982) are a bit skeptical that they will receive Social Security and increased retirement plan benefits. They have the burdens of school debt, high housing costs and a lack of adequate workplace benefits that take a bite out of their savings accounts.

Generation Y (1983-1994) have resorted to living on credit cards and cashing out savings due to student debt, higher unemployment and the overriding attitude of “why save if you can spend it now.”

Generation Z, aka Millennials (born 1995-2012) may become the best savers as they have seen their parents and grandparents move through the ups and downs of several recessions. However, many are working minimum wage jobs, paying for transportation and cell phones and contributing more to their own school costs or rent. Time will tell if their saving sense will materialize.

Whatever generation you fall into, understanding your needs for retirement (whether that is near or far) is imperative. Education around budgeting, managing debt, investing and saving are the key components to our conversations.

HOW WE'VE HELPED PEOPLE LIKE YOU!

Planning for Retirement Case Study

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.”

Pete Jelacic - CFP®
Senior Wealth Manager

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SERVICES OFFERED

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INDIVIDUAL RETIREMENT SERVICES

At SVA Plumb Financial, we believe that the correct time to start planning for retirement is right now. Through the services that we offer, we’ll help you realize your retirement goals and set you up with the proper IRA account that best fits your current situation. Want to crunch some of the numbers yourself? We offer an array of retirement calculators that can help you answer some common financial questions.

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TRUST & ESTATE SERVICES

Our mission is to simplify the financial lives for both individuals and institutions. Our trust officers are trained to comply with fiduciary management laws to protect and safe-keep the assets with which we are entrusted. We provide clients with the peace of mind that comes with knowing your investments are continuously monitored and your obligations are being met.

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