When life happens, plans need to change.
The Internet is filled with financial advice. Much of what you read and hear is conflicting. How can you know which financial decisions are right for you?
Our clients recognize that what's right for their neighbor may not be right for them. Simply put, they are not their neighbors, relatives, or anyone else.
Only you are "you."
We are Human-First Advisors™, which means our approach begins with you. Before offering any advice or guidance, we seek to understand your story and what matters most to you.
Can You Relate?
Meet the characters from Shaping Change – When Life Disrupts Your Retirement Plans. Each character answers the four questions that guide the Transitus Process™: What's going on? How did you get here? What are you thinking? How do you feel about everything?
Robert and Marie
Five years from retirement, Robert and Marie are questioning whether they’ve saved enough and wonder what they should be doing differently.
Robert and Marie
What's going on?
I’m 59 (Marie), and Robert is 61. We are five years from Robert’s retirement. He has worked hard and made a good living. We should be able to retire comfortably in another five years or so. I manage the household budget and retirement accounts. Robert makes money and I save it. He is not thinking much about retirement, but we have had a few conversations. With five years or so remaining, we want to be sure we are on track and making wise decisions.
How did you get here?
Robert had a few career changes early in life and got a late start on saving. I chose to stay at home while our children were young. I’ve always been good with money, from budgeting to saving. We avoided most debt, except our mortgage and occasional car payments. We sacrificed long-term savings to pay for our children’s college education. It was worth it. As Robert's income increased in his 50s, and some of our children finished college, we were able to increase his retirement savings. I wouldn’t say we’ve made up for not saving earlier in life, but we are getting there.
What are you thinking? Any decisions?
How much money is enough to retire? How much can we expect to spend during retirement? We know the final years before retirement matter and want to make sure we do the right things. Should we try to invest more money? What about paying down our mortgage? If so, should we withdraw money from retirement accounts and pay it off? Should our investments be more aggressive or less risky? What if our portfolios don't grow as much as we expect? How would that impact our retirement plans? When should we start drawing Social Security? What if the government changes Social Security and Medicare? What if one of us needs to go into a nursing home? What if my (Marie's) mother needs help and doesn't have enough money? We are not sure how much money she has. Maybe she’ll need our help.
How do you feel about everything?
We know we should be fine financially, but you never know. The closer we get to retirement, the less confident we are about how much we saved. I’m feeling some regret over past decisions. We should have started saving sooner, and we should have saved more (does everyone say that?). We want to be confident that we're doing the right things, but we don’t know what we don’t know. There is so much conflicting advice. It’s confusing. One book says you need to be debt-free, while another says paying off a low-interest rate mortgage isn’t wise. I’m worried Robert will be bored when he retires. He's always worked and enjoys it. What will he do all day? COVID, or the next virus makes us nervous. We have above-average income and net worth, and we are concerned about what that means in the future. Will the government raise our taxes or lower benefits from Social Security and Medicare for people like us? I know there will be changes, and that worries me a bit.
Linda
As a single mother, Linda has transformed into a stronger version of herself over the years. She’s set to retire early and is thinking through the possibilities for her future.
Linda
What's going on?
Finally, it's time. I (Linda) am 62 years old and ready to retire. My employer offered an early retirement package. It's generous, and other employees are accepting it. My mind is made up, and I’m retiring.
How did you get here?
It wasn’t easy. My ex-husband left me when our children were young (more than 20 years ago). I had to work hard and make sacrifices like any single mother. I budgeted, saved where I could, and somehow made ends meet (most of the time). Those years were scary, but I got through it. Fast forward twenty plus years, and I’m doing well. My children are adults and doing fine. I have saved enough to consider retiring earlier than I thought.
What are you thinking? Any decisions?
I realize I was on track to retire in another four or five years. But the early retirement package is generous. Is it enough to retire and do what I want? What if I live to 100? Will I run out of money? I’m ready to travel, but don’t know how much I can afford to spend. What if I downsized my house? Should I start drawing Social Security now? What don’t I know about retiring early? What about annuities? I like the sound of guaranteed income, but I’m sure there is a catch. What if I have health problems that insurance doesn’t cover?
How do you feel about everything?
I’m excited and feel great. I made it. Not only did I survive a divorce, but I thrived. I’m proud of what I’ve accomplished. I went from a struggling, single mom to a successful corporate executive. Looking back, I would not trade any of it for the world. I have grown as a person and discovered a strength within me that I didn’t know existed. But the kids are raised, and I’m ready for “me time.” I’m content with my lifestyle and how much I saved. I am excited to travel, explore, and enjoy the freedoms of retirement.
Angie
At 83 years old, Angie is experiencing a range of emotions, from loneliness to fear of being a burden on her daughters. She wants to be prepared financially and legally as she gets older.
Angie
What is going on?
I (Angie) am 83 years old and a widow. I live near my daughters, Marie and Linda. My health is ok, but I’m noticing some decline. I need to know that my affairs are in order so I won’t be a burden on my children.
How did you get here?
I was married for 50+ years and have been a widow for 10 years. My husband and I were frugal, even though we had enough money to be comfortable. Memories of the Great Depression stuck with us. We were always worried that the economy could fall apart again and people, even us, could end up penniless. We didn’t waste money, saved when we could, and avoided debt like the plague. I remember the bank taking people's homes away from them. We made sure that would never happen to us.
What are you thinking? Any decisions?
I could die tomorrow or be unable to make decisions for myself. It’s going to happen eventually. Are my will and other legal documents good enough? My husband took care of these things before he passed away. Am I missing something important? My children, Marie and Linda, have their own lives. I don’t want to make their lives any more challenging because I didn’t do something I should have. I’ve read about POAs and Medical Directives, but I’m not sure if I have those. Some of my friends went to live in a nursing home. I don’t want to do that. What can I do to avoid going to a nursing home? I wouldn’t mind having help at home, especially if it keeps me out of the nursing home.
How do you feel about everything?
I feel fortunate and blessed. For someone my age, I’m active and in reasonably good health. I also know that can change in an instant. My declining health concerns me, but I don’t want to tell my children. They don’t need to worry about me any more than they already do. I’m uncertain how much home health care costs and if I have enough money for that. It is hard watching many of my friends move away or die. Sometimes I’m lonely. That’s why I love being near my two daughters.