Jim and Cathy are Nearing Retirement

Meet Jim & Cathy – Age: 60 & 57

Their Situation:

Jim has been working at a utility company for over three decades, while Cathy has been a stay-at-home mom, raising their two kids. They’ve saved $750,000 in a 401k and $300,000 at the bank, and have put in the hard work to pay off their home. When Jim retires, he will be eligible for a pension or a lump sum payout from his company.

[Case Study] - Retiring - Hero
[Case Study] - Retiring - Problem

Their Concern:

Jim is thinking about retiring in the next two years, but his company recently offered a voluntary separation deal. They’ll give him two weeks of pay for every year he’s worked there if he retires within the next three months.

However, Jim and Cathy are not sure they can afford to retire without Social Security, and they don’t know if they can handle the health insurance costs until they are eligible for Medicare. They also don’t know whether they should take the monthly pension or the lump sum payout when Jim decides to retire.

Their Solution:

Jim and Cathy met with a Wealth Manager at The Retirement Planning Group, who helped them determine if they could afford to retire two years early by creating a custom plan for them. The results showed that not only was it possible, but Jim could also receive a partial lump sum and a partial pension.

The Wealth Manager also found a strategy for optimal income withdrawal that would qualify them for an ACA Health Insurance subsidy, saving them $513 per month on health insurance until age 65. They also established a Social Security collection strategy that would increase their lifetime Social Security benefits by $118,094. Lastly, investment recommendations were made only after the plan was finalized.


The above example is representative of an actual client, but we can’t use their real name or picture due to privacy concerns. Information provided is for educational purposes only and does not constitute investment, legal or tax advice. Past performance of any market results is no assurance of future performance. The information contained herein has been obtained from sources deemed reliable but is not guaranteed. Please contact TRPG for more complete information based on your personal circumstances and to obtain personal individual investment advice.

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