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  • Mark Fonville, CFP®

How Covenant Wealth Advisors Helped a Couple in Their 60s Build a Plan for Retirement [Case Study]




Michael and Lisa haven’t set their retirement date.


It’s not because they aren’t on track to retire. Rather, they just haven’t decided if or when they want to leave their careers.


Michael is a busy executive and Lisa is a respected physician. Luckily for both of them, they both still get satisfaction from their jobs. Even better, their work continues to provide purpose and meaning to their lives.


They’ve worked hard over the past twenty years in their respective roles and they aren’t quite ready to abandon their passions just because they are nearing their 60s.


For them, their problem isn’t addressing past mistakes with their money, as they’ve accomplished a lot and made many smart decisions:


  • Producing high six-figure salaries and compensation

  • Fully contributing to retirement accounts and other investments

  • Building a nice cash reserve for emergencies

  • Paying down debt on a small mortgage

  • Protecting their income and wealth with the right types of insurance


So what’s the challenge?


Michael and Lisa have this nagging feeling that they may be missing some key details. Do they have the right plan for them?


The recurring theme is that they don’t know what they don’t know.


Michael and Lisa have always depended on their staff at work. Yet, they’ve never hired anyone to help guide their personal money decisions.


As they near the next chapter of life…they realize they need a specialist to help them build out the best strategy for their money. That includes finding someone who can help them reduce taxes leading up to and through retirement.


Michael and Lisa are certainly in no hurry to retire, but they want to know what the future holds.


THE APPROACH


Michael and Lisa understood that retirement would be one of the most expensive decisions they would make, which is why they wanted advice from a Certified Financial Planner who specialized in retirement planning.


They are also busy. There simply doesn’t seem to be enough time and they don’t want to get tied up trying to figure everything out on their own.


THE RESULTS


When Michael and Lisa found the right Certified Financial Planner, they were concerned about their investments. But, they also wanted help with their total financial life, including taxes.


A comprehensive road map was put together that met all their needs:

  • A tax-efficient investment strategy to reduce risk and improve expected returns.

  • Lower investment costs.

  • Improved mix of investments to better align with their goals.

  • A smart, sustainable rebalancing strategy.

  • Reduction of income taxes through charitable giving, Roth IRA conversions, social security timing, and more.

  • A tax-efficient IRA funding strategy.

  • They also adopted an easy-to-use personal money website, helping them organize their financial life and gain clarity.


Michael and Lisa now enjoy the clarity and peace o