Two elderly people in beige coats embracing outdoors with a blue sky background.

Can We Afford to Retire?

Joe is 62 and Jane is 60, and both still work. Jane planned to stop at 62. For Joe, 65 was the target, and he'd leave sooner if the numbers worked. Over their careers they put a little over $2 million into traditional and Roth 401(k)s, and Jane recently inherited money from her mother.

They like their jobs, so nothing felt urgent. Still, they wanted to know when they could stop and how much they could spend once they did. They had questions about when to claim Social Security, too, and where to buy health insurance if either of them left work before Medicare starts at 65.

What they were looking for: One advisor who would look at their whole financial life and take the planning off their plate for the years leading into retirement and the ones after.

What We Did

Once we had their numbers, the plan showed they could afford to retire now on the budget they'd described. Jane decided to stop working earlier than she'd planned. Joe is staying on a few more years. We mapped out when each of them claims Social Security and priced private health coverage for Joe in case he leaves before 65.

Between now and 75, when required minimum distributions begin, we're moving part of their traditional account money into Roth accounts a piece at a time. The plan also sets aside money for a family trip every year and smaller gifts to their kids over the next 15 years.

Illustrative example based on typical client situations. Names and details have been changed. Individual results vary.

Live in a high-tax state?

If you live in a state like New York, California, New Jersey, or Connecticut, taxes can grow into one of your largest lifetime expenses. The timing of your Roth conversions and stock sales makes a big difference in that bill, and we plan it with you year by year.

New York Tax Planning