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Maximizing the Transition Years:  Protecting Your Financial Future at a Critical Time

Maximizing the Transition Years: Protecting Your Financial Future at a Critical Time

Challenge:  When we first met these clients, they were transitioning to retired life.  They were very concerned about the stock market impacting their future and having the income to sustain their current lifestyle as long as they live. 

Result:  Prime Wealth’s multi-disciplinary team helped them focus on the areas of most risk, and develop and implement plans to protect them in these areas. 

Our clients, in their 60s, were newly retired when they got in touch with us.  They were very concerned about the stock market and what market volatility, or a possible crash, could do to their future.

They were smart to worry and take action soon.  Your greatest financial risk occurs at the beginning of your retirement.  If you happen to retire at a time the stock market enters a bear market, that might significantly alter your ability to generate income from your assets.

Their previous advisor did some planning for them, but they were never really clear how they would be impacted if the market dropped.

So once they signed on, our team got to work.  We took them through a process to start reducing their exposure to the stock market.  This included efforts to lock in the value of assets and reinvest that money into different vehicles where downside risk can be better managed.

For these clients, we ended up putting more than half of their assets into structured products which eliminated the downside risk.  This would leave them with enough funds to pay for their current lifestyle, which was their goal.

Our tax professional took over the preparation of their tax return, and in the process, helped them identify a tax strategy to save money. We also worked closely with them to create a budget and stress test their entire financial plan to make sure it could withstand common events.

We also helped them update their estate plan so that their wealth would be passed on tax-efficiently to their heirs.