John & Danielle
John is 62 and Danielle is 60 years old. They are retiring this year, and they wanted to make sure that they will not have concerns in retirement. They have had modestly paying salaries, but were good savers, and accumulated almost $2,000,000 of assets.
By working with PFRG members, they were able to do the following:
Determine a Social Security claiming strategy that maximizes their Social Security benefit.
Have a long-term care plan that preserves some of their assets, and they receive all of their premiums back if they never use the plan.
Generate a estate plan that ensures that their wealth transfer goals are met.
Develop a gifting strategy to give some of their assets to their kids now when they need them, versus waiting for many years to receive an inheritance.
Enact a strategy to harvest assets now, that will eventually be taxed at a much higher taxable rate later on in life.
Implement a retirement distribution strategy that provides a bigger “Pay Check” so that they now have a bigger “Play Check” to do the things that they want in retirement.
Bob & Gloria
Bob is 53 and Gloria is 52 years old. They just received an inheritance that they want to invest, and they want to make sure that their family cabin is kept in the family. Before the inheritance, they were on the verge of having the income they would like to retire on. Realistically, they probably would have had to work longer than they would like to before they received the inheritance.
The PFRG resources addressed the following issues for them:
Generated more assets that they will never pay tax on again while they are living, and when the assets are transferred to their children upon their passing.
Allocated their inheritance assets so that they do not put a strain on their current retirement distribution plan.
Investment assets were allocated more conservatively yet had better performance than their current investments.
Had more assets that generated a tax-free income in retirement.
Developed an estate plan that emphasized incapacity or health issues while they are living, and after they are retired.
A CPA gave us proactive strategies to control taxes now and in retirement.
Ray & Jessie
Ray is 46 and Jessie is 43 years old. They are business owners and earn between $250,000 and $300,000/year. They want to retire, or start drawing an income from their assets, between age 65-70. They enjoy real estate, and whenever they have additional money, they want to look for more real estate properties to invest in.
Using the PFRG resources, and deferring the purchase of one investment real estate property, they now have:
A strategy that will produce a projected tax-free income in retirement of over $100,000/year.
They saved over $3,000/year on their property and casualty insurance.
Estate and wealth transfer goals are in place.
A legal resource that will give them peace of mind when making real estate transactions, knowing that all of the correct legal issues have been addressed.
Reduced their investment risk and improved their investment performance.
A long-term care strategy where they will not be a burden to their children, and provide protection for their assets for their loved ones.
Received consultation from a CPA that knows the intricacies of their type of business.
A realtor that educates them on investment real estate.
Because half of Ray’s pay comes from bonuses not covered by his company’s long term disability benefit, an income protection plan was implemented.