Case Study*

Nearing Retirement


Bill and Denise


58 and 56


Business Analyst and Engineering Supervisor

Primary Goal:

Consolidate investment accounts, minimize taxes, and create a reliable income stream in retirement.

Bill and Denise have both worked at the local utility company for 30+ years. After years of diligent savings to plan for their future, while also helping get their kids through college, they’ve now turned their focus towards retirement.

They currently hold a variety of investment accounts, including 401ks from their employer, and multiple brokerage accounts. In addition, they each have a defined benefit company pension plan they can begin collecting at retirement.

Bill and Denise have two adult children, and two grandkids. They have always lived modestly, never chasing the biggest home, newest car, or the most lavish vacations. They have no debt. Their primary plans in retirement include traveling and  spending more time with family.

The Challenge

Despite being such great savers, Bill and Denise had always relied on collecting a nice paycheck every two weeks from their employer. The thought of this paycheck going away in retirement left them wondering how they would go about turning their nest egg into a reliable income stream in retirement.

They also wondered:

  • How do we consolidate our retirement funds?
  • Which pension option should we each select? 
  • How do we plan for the cost of healthcare in retirement, especially if we retire before 65?
  • What are ways we can reduce our tax liability in retirement?
  • How do we make sure we can leave a legacy to our kids and grandkids?
  • When do we turn on our Social Security benefits?

Despite never working with a financial planner before, after a referral from their friends to a trusted advisor, they knew seeking professional help was the right choice in order to create a plan they felt confident would work for their family.

The Approach

The first step for Bill and Denise was to meet with someone who could help capture their questions and concerns. Once they had supplied their advisor with the requested financial documents, and their goals had been clearly documented, a customized retirement plan based upon their unique situation could be created.

The Result

After several meetings and ongoing discussions with their advisor, Bill and Denise were able to:

  • Pinpoint a retirement date when they both would feel comfortable “walking away” from their employer.
  • Develop an income plan in the years prior to collecting Social Security benefits and going onto Medicare.
  • Consolidate their investment accounts, while implementing a strategy they actually understood and felt confident wouldn’t waiver throughout their retirement.
  • Create a gifting strategy for the kids, grandkids, and local charities, while also minimizing taxes in doing so.
  • Set aside funds to pay for a nice family vacation each year that will create lifetime memories for their kids and grandkids. 

With a plan in place, Bill and Denise intend to enjoy their remaining working years, and any anxiety they previously had about their upcoming retirement has been replaced with excitement!

*The above case study is hypothetical and does not involve a Hyperion Financial client. No portion of the content should be construed by a client or prospective client as a guarantee they will experience the same or certain level of results if Hyperion Financial is engaged to provide financial planning or investment advisory services.

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