Fear took over the couple and they were concerned they had to spend assets earmarked for retirement, considering the loss of income.
Starting a financial strategy in their mid-50s was daunting and understanding where to start was the hardest part.
- FUTURE EMPLOYEMENT
- Spending and budgeting
- Expense reduction
- Income projections for both
- Appropriate rates of return on assets
- Areas of risk including life insurance and long-term care needs
The financial model revealed:
- A reallocation of their retirement assets was necessary to achieve goal targets.
- An estate plan was important to make sure their assets passed to the next generation thoughtfully and appropriately.
- They had a minimum of nine months before they would need to access retirement assets.
- A long-term care policy was important to protect their retirement assets.
Within a few months, Tom started consulting and Sarah began the process of going back into the work force. At the six-month mark, Tom accepted a full-time offer from one of the companies he was consulting with. In the end, Tom and Sarah were back on track and the house they loved was still theirs and a small remodel was in the works.
Continuum Consulting Group is a financial planning firm who works with executives in career transition. They invest in long-term relationships with their clients, business partners, and employees.Continuum’s primary purpose is to guide clients towards achieving their goals and purpose in life.