MOKAN Wealth Management

Thinking About Retirement

Meet Mark and Susan

• Mark (57) is in upper management and Susan (55) works in a creative department.
• Mark has been with his company for 26 years and has an employer-matched 401(k) as well as some company stock.
• Susan has been with her company for 22 years and has a 401(k).
• Mark would like to retire at age 62, and Susan would like to retire around the same time, or sooner if possible.
• Both of them are looking forward to their next phase of life and hope to travel around the country 1-2 times a year plus 1 family vacation once they retire.
• They have two grown sons and one daughter who just graduated college. She’s engaged to be married next year and they would like to help with the wedding expenses, but they’re not sure how much is reasonable with their retirement goals.
• Mark and Susan want a clear understanding of how and when to take their Social Security.
• They want to know if they can retire early and still maintain their lifestyle.
• Both of them are unsure of the best strategies to create income from their retirement savings.

This is a hypothetical example provided for illustrative purposes only; it does not represent a real-life scenario and should not be construed as advice designed to meet the particular needs of an individual's situation.

Enjoying Retirement

Meet Bill and Martha

• Bill and Martha are both 67 and retired one year ago. Before retiring, they saved diligently through their employers, kept their spending to a minimum, but never created a detailed plan for their retirement.
• Now they’re loving retired life and finally took their “bucket list” vacation to Europe right after retirement.
• They have four more grandkids (all younger), and they prefer to spend their retirement savings with them and their kids while within in first 10 years of retirement.
• Martha is concerned about taxes in retirement, and she wants to know how she can minimize their taxes.
• They both have long-term care insurance, and they want to know what their options are if they don’t need to use it.
• Upon retirement, each of them claimed their Social Security right away. They retired with two years of cash in the bank to live off plus their Social Security income.
• Overall, they are loving the “retired life,” but they want a more strategic retirement plan so they can freely give to their family, travel, and not worry about running out of money.
• Bill’s major concern is most of their retirement savings are in IRA’S and 401k’s with very little in ROTH IRA and Taxable. He is hoping it is not too late to execute tax planning strategies.
• They both would prefer to live off interest and dividends from their retirement accounts, but are not sure if this is the best approach.

This is a hypothetical example provided for illustrative purposes only; it does not represent a real-life scenario and should not be construed as advice designed to meet the particular needs of an individual's situation.

Work Optional

Meet Carrie

• Carrie (60) is a Project Manager Supervisor in the healthcare industry for almost 20 plus years
• She loves her job and is not looking to retire anytime soon, but wants the freedom to work fewer hours if that day does come.
• Carrie wants to know the best way to leverage her current employer deferred compensation plan and investments as part of her long-term retirement plan.
• Carrie's parents both suffered from Alzheimer’s, and it was very hard on her and the siblings. She wants to make sure she doesn't  become a burden to her daughter if something happens in the future.
• She has traditionally managed her own investments, but she knows retirement is too important to manage alone. She wants help developing an actual retirement plan so she can feel confident about her finances whether she decides to keep working or not.
• Carrie's primary goal is to optimize her retirement plan + reduce taxes so her nest egg can allow her to live her work optional lifestyle.