Broker Check

Meet Kate.

September 08, 2021

“What? You’re retiring?”

  • Name: Kate
  • Age: 54
  • Profession: Newspaper columnist
  • Status: Working part-time

Receiving the sudden news from an employer that you are going to be let go for early retirement is difficult for anyone. In some cases, it might even be harder for the spouse. Confidence and happy anticipation can take a big hit when the plan is unexpectedly disrupted. It often times takes effort to examine the situation and it takes faith to move forward.

When Kate’s husband Jack called home to say that he was being let go due to a reorganization in his company, it was all too familiar. She had been through a version of this before when her father lost his job in his mid 40s.

During her father’s ordeal, he repeatedly reassured the family that everything would be all right – that he would land a comparable job or start his own business. Unfortunately, he did not get re-employed and their retirement has been challenging ever since. Kate feared that this same thing was about to happen to them. Would their options be as limited as her parents’ had been? Would they be unable to do the things they had hoped for in retirement? Would the last third of the lives be the hardest? All of these concerns and more weighed heavily on her.

Fortunately, this time was different. Kate was better prepared to deal with the realities of her husband’s situation. Before he was let go, she and Jack had made it a point to discuss their finances together and review their figures and projections. Together, they worked to strengthen their 401k account, created a decent cash balance, and avoided debt.

But even knowing these things it wasn’t easy to make that final decision to stop working. Although Jack felt good about their circumstances, Kate felt like she needed to take a final leap of faith and trust their plans. She needed to believe that the fundamental financial decisions they made over the years would provide a secure retirement.

After many conversations, Kate is finally confident that their retirement is sound, and they can retire comfortably.

Jack and Kate also believe in discussing their finances with their children. They believe that sharing the lessons they have learned through life will help their children make the same wise decisions and avoid their mistakes. The ultimate hope is that their kids start early to plan for a successful retirement.

Takeaways from Kate’s story:

  • – Discuss your plan regularly.
  • – Talk about “what ifs” to be prepared by the unexpected.
  • – Help your kids by teaching them what you have learned.
  • – Trust your plan.

Securities offered through The Strategic Financial Alliance, Inc. (SFA), Member FINRA/SIPC. Advisory Services offered through Strategic Blueprint LLC. and The Strategic Financial Alliance, Inc. SFA and Strategic Blueprint are affiliated through common ownership but otherwise unaffiliated with Keen & Pocock.

This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice as individual situations will vary. The SFA or Keen & Pocock do not provide tax or legal advice.