Currently Retired

Age: 72 and 69 years old

Occupation: Retired after the sale of a local manufacturing company 5 years ago

Desired Annual income: They want $150,000+ to maintain their lifestyle.

Assets: Various IRAs with most of their liquid net worth in their (after-tax) trust.

Family: Ed and Nancy have four adult kids and three grandbabies. They’d like to pass wealth on to future generations.

Goals: Maintaining their current lifestyle, preserving financial security upon the death of the first spouse, leaving a legacy to their children, donating to charity, and having a second home in another state to be closer to their grandchildren.

Ed and Nancy enjoy an income of $150,000+ a year filled with traveling and time with their grandkids. But they’re still determining if they can maintain this standard of living and leave the inheritance they want to their loved ones.

Ed and Nancy need to know that the other will be financially okay if one of them passes. However, they need to figure out if they have the right plan and are correctly invested to provide themselves with their desired income level throughout retirement.

They are still determining their budget for a second home and how to plan for the expense of maintaining it.

Because Ed and Nancy contributed to a pre-tax Traditional IRA, he’ll be required to take minimum distributions at age 73. However, he wants to avoid jumping to a higher tax bracket if possible.

Income Sustainability: We create a plan to ensure Ed and Nancy maintain their desired annual income of $150,000+ throughout retirement.

Legacy Planning: Develop strategies to pass on wealth efficiently to their children and grandchildren, ensuring their legacy goals are met.

Portfolio Management: Design and manage a diversified investment portfolio to generate steady income and protect against inflation.

Survivor Benefits: Ensure the surviving spouse will have sufficient income and assets to maintain their lifestyle.

RMD Management: Plan and manage Required Minimum Distributions to minimize tax impacts and avoid higher tax brackets.

Tax-Efficient Withdrawal Strategy: Develop a withdrawal strategy that considers the tax implications of their various accounts, including IRAs and the after-tax trust.

Comprehensive Estate Plan: Help Ed and Nancy establish a comprehensive estate plan that includes wills, trusts, and other necessary documents.

Wealth Transfer Strategies: Implement strategies to efficiently transfer wealth to their children and grandchildren, minimizing estate taxes and other costs.

Second Home Budgeting: Assist in budgeting for purchasing and maintaining a second home, ensuring it fits within their overall financial plan.

Expense Management: Regularly review and adjust their financial plan to accommodate changes in expenses and lifestyle.

Jessup Wealth Management is highly experienced in assisting clients like Ed and Nancy, who are navigating retirement. We specialize in ensuring clients can maintain their desired lifestyle while effectively managing assets and income. Our comprehensive financial planning includes sustainable income strategies, tax-efficient withdrawal plans, and thorough estate planning to meet legacy goals. We offer personalized investment management and budgeting assistance for significant expenses like second homes. Our tailored approach ensures financial security for surviving spouses and efficient handling of Required Minimum Distributions (RMDs), providing peace of mind in retirement.