Anne and Paul
Who They Are
- Paul (52) works for National Grid and earns $105k/year. He will collect a pension of 45k/yr at NRA.
- Paul has steadily contributed to his 401(k) and participates in NG’s ESOP.
- Anne (51) is an architect who owns her own design firm. She earns $225k/year and she has one other partner in the LLC.
- Anne’s company has a safe harbor 401(k) plan. Anne’s savings have been limited and she’d like to understand how she can save more pre-tax money before retirement.
- Paul wants to retire at 60. Anne wants to work full time until 60, then transition to retirement by 65.
- Their wealth is concentrated in Anne’s business and they would like to diversify some of that risk.
- Anne would like help with succession planning. She has a young and talented employee who is interested in becoming a partner. She has also been solicited by a larger firm looking to acquire her business.
- They need help understanding their tax situation now and in retirement, especially considering a potential sale of her business.
- They have not done any meaningful estate planning
How we Helped
Our clients come in all shapes and sizes with varying income levels, unique challenges, and different goals. We offer customized planning for each client based on individual circumstances.
Helped implement a retirement plan that best fit their goal of maximum tax deferral, but also allowed for employees to contribute and receive an employer match.
Created a succession plan that allowed Anne to sell her business over a period of several years in an effort to reduce the total taxes owed. We also were able to develop a strategy to eliminate taxes on some of the proceeds.
Analyzed Paul’s options regarding his National Grid pension and recommended the option that best fits their retirement and legacy planning goals.
Modeled how much they need to save, how long they need to work, and what adjustments they should make in their plan in order to replace their current lifestyle in retirement.
See the types of clients we work with
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Ready to get started?
If you’re ready to start planning for a brighter financial future, Rockbridge is ready with the advice you need to achieve your goals.