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October 07, 2019

Oakland, CA – East Bay, Piedmont | Using eMoney Financial Plans to Prepare for Retirement

Posted in: Recent Projects

What Will Your Retirement Be?

Our clients, Jeff and Cheryl, needed to make decisions about when to take Social Security, when to use funds from their pensions, their 401(k)s and when to retire.  These types of questions are quite common as many of us approach retirement and need to begin planning for  the next stage of life.  Jeff and Cheryl hired First and Main Financial to review their finances and verify that they were on the right path to retirement.  They wanted us to identify any red flags that they should take into consideration before they fully retired.

We worked with Jeff and Cheryl to gather their financial documents such as bank statements, retirement account documents and budget information. They uploaded easily to our secure financial planning software, eMoney Advisor, along with linking bank and brokerage accounts.   We produced a base case scenario of their financial situation and created multiple what if scenarios: retiring at different stages, taking Social Security income at 62, at full retirement age, or waiting until 70, and receiving their pensions as a lump sum or a Joint and Survivor Annuity.

Within each of these scenarios, we projected a probability of success for reaching age 90 with enough assets to accommodate the lifestyle to which they are accustomed.  Because they had proactively budgeted, their probability of success was 100% in each scenario; however, we were still able to show them the positive or negative impact of various scenarios, helping to inform decisions about retirement, and by adjusting and comparing the payouts options from their pensions, we figured for the best financial outcome.

As for any red flags, we noticed that the return on the assets within their 401(k)s were below industry averages.  In addition to financial planning, First and Main Financial helps clients manage investment assets.  We offer a tiered fee schedule, which many consider a good deal compared to the industry average and starting rates usually charged by other firms.  We also provide clients with quality and individual attention as well as complementary guidance on existing 401(k) money; which we reviewed, suggesting they consider an asset allocation more likely for growth or at least to maintain purchasing power.

If you are looking for some financial guidance, whether it is for a one time financial plan or continuing advice on your investments, we invite you to meet with the First and Main Financial for a free consultation.  We work with a variety of clients, including those who are just starting out and saving for retirement as well as clients who have saved for retirement but need help making decisions about their next phase of life.  We would be more than happy to sit down with you, assess your current financial situation, and review with you our services to help you navigate your own financial future.

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