Resources
Mr. & Mrs. Young want to retire in 1 year ...
Note: This is a hypothetical scenario. Mr. & Mrs. Young are not actual clients of Mission Financial Group. Their results should not be construed as a guaranteed outcome.
Scenario
Mr. & Mrs. Young | 62yrs old
Retirement/Savings | $1.5M
Mortgage Balance | $200k
Questions
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When to claim Social Security?
Can our investments be improved?
Does an annuity make sense for us?
Should we buy LTC insurance?
What if one of us dies early?
Goals
Annual Travel | $15k/yr.
Renovate Kitchen | $50k budget
Maintain Lifestyle | $10k/mo.
The Mission Master Plan (TM)
Our 7-step process is designed to help families cover all their bases in retirement.
A complimentary meeting with you will help us both determine if we're a good fit.
If we mutually decide to move forward, we'll walk you through our process and help you establish security and freedom in retirement.
Get Organized
1
STEP
QUESTION
Can you help me understand my various accounts and numbers?
PROCESS
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Organize financial numbers
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Document goals
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Discuss initial questions
RESULT
For the first time, the Young family had a clear picture of their money. This brought them a sense of peace. Now they could finally make informed decisions and concrete plans.
Max Social Security
2
STEP
QUESTION
When should we claim Social Security?
PROCESS
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Review basic rules and strategies
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Analyze Social Security options
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Identify break even years
RESULT
Because Social Security income can represent a significant piece in retirement, the Young family felt confident that they now understood their options and explored various scenarios.
Secure Guaranteed Income
3
STEP
QUESTION
How much can I spend in retirement & will it last?
PROCESS
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Identify necessity expenses
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Establish a monthly income target
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Analyze income options
RESULT
After establishing guaranteed lifetime income, the Youngs felt they always knew exactly how they'd cover basic expenses in rain or shine conditions.
Optimize Investments
4
STEP
QUESTION
Can my investments be improved?
PROCESS
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Discuss the Mission Investment Philosophy
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Analyze current investments
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Discuss changes to optimize and enhance
RESULT
Portfolio investments were adjusted to incorporate a disciplined and thoughtful approach that was appropriate to the family's new retirement season.
Tax Strategy
5
STEP
QUESTION
Can we save on future taxes?
PROCESS
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Discuss dangers of "Tax Rate Risk"
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Analyze current tax efficiency
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Implement appropriate tax strategies
RESULT
The Youngs knew they could do more to lower their lifetime tax bill, but had no idea where to start. After learning about the value of tax-free accounts, they were eager to reposition their assets into strategies that could save them from tax surprises in the future.
Long Term Care Planning
6
STEP
QUESTION
Do we need long term care protection?
PROCESS
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Discuss the cost and risks of a health event
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Explore options and plans
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Implement a strategy that protects the family
RESULT
The Youngs were always afraid that a major health event could wipe out their entire life savings. They felt at peace that they had a plan for the worst and would receive a high level of care.
Estate & Gift Planning
7
STEP
QUESTION
Will our family be ok when we're gone?
PROCESS
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Establish/review current trust documents
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Create a tax-efficient gift plan for charities
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Plan a generous legacy for family
RESULT
After securing their own financial plans and income, the Young family felt confident about making plans to bless their own family as well as the charities they cared for. The estate and gift planning process was especially fulfilling, knowing they were financially secure and could afford to give generously.
