This is a case study of a 57 year old former Corrections Officer. This client had started in corrections at an early age and was fully vested into the pension system when they retired several years ago. During their career they had accumulated a retirement nest egg through their workplace 457 retirement plan, which was subsequently rolled over into an IRA when they retired.
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In this case, we have an older retired couple in their mid-70’s who are charitably inclined and active in their church community. They typically give in excess of $10,000 per year in charitable donations. The retired couple have been fortunate in that they both receive social security and sizable pension checks from their respective careers. They have also been fortunate to have accumulated a decent size nest egg in their retirement accounts. Their combined income between social security and pensions are in excess of $100,000 per year. Once you add in their Required Minimum Distributions (RMD) from their retirement accounts and other investment income, it tends to push them into a higher tax bracket.
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This is a case study of a 70 year old business owner who owns and operates their own insurance agency. The business owner has been in the insurance industry for over 40 years, operating their own agency for the last 30 years. The business owner’s daughter has recently started working with him. He is grooming her to eventually succeed him and take over the insurance agency when he retires. He plans to delegate the day-to-day operations over to his daughter, while he slowly transitions into retirement. They have a 3-5 year timeline for this transition to occur.
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