Submitted by McBeath Financial Group
Let’s face it. Sometimes you can do everything right, and it still feels like you end up getting a raw deal. You want to scream your frustrations at the world. You might even cry yourself to sleep at night, so worried about your family and your future that you can’t imagine moving forward. So what are you supposed to do now?
One of the best ways to snap yourself out of an angry, disappointed, despairing state of mind is to simply formulate a plan. It doesn’t have to be a comprehensive, this-one-idea-will-solve-everything plan, it just has to be a step forward—it just has to be the next step.
Let me introduce you to Jonathon. Jonathon played by the rules and paid the price for his success. He excelled in high school and was recognized as having a bright future. He was accepted to a great state university and continued to invest his time and energy into preparing for a career. This paid off when he secured a great job with a Fortune 500 company before he even graduated.
Six years into his new job, Jonathon had already earned a couple of promotions, and his co-workers fixed him up with Jenny, a wonderful woman who was on a fast-track career path at the same company. As it turned out, they were a great match, so they got married, bought a nice house, had three kids, and continued to rise through the ranks at work, all the while following the traditional advice about saving 10–15 percent of their income and building up a nice retirement savings account.
Jonathon and Jenny just celebrated their thirtieth wedding anniversary. All of their kids have graduated from college and their oldest daughter just got married. They’re looking forward to spending time with each other again when they retire, six or seven years from now.
They’ve done everything right, from beginning to end, when suddenly, Jonathon’s work position became a casualty of corporate outsourcing. Furthermore, Jenny’s position may also be at risk. Retirement may come sooner than they had planned.
“Wait. What?!,” they think. “We did everything right. We’ve given 30 years of our lives to this company. How can they do this to us?!”
(Now, before you start a gofundme page for Jonathon and Jenny, realize they are fictional characters.)
But sadly, in today’s world, this scenario is more common than one might think. In these difficult times, after the emotion has subsided, it may be time to consider options. Is accepting an early retirement really an option, or does their current financial position in relation to their age mean that they will need to continue working? These are answers that are very difficult to make without a detailed financial analysis and stress-tested computer projections.
Many clients in Jonathon and Jenny’s situation have the same fears and concerns. The sort of “forced retirement” situation that they’re in makes them re-examine their retirement plans, and in many cases, adds extra years that their savings will now have to cover. Many times, they’ve never gone without a regular paycheck, and now they need to figure out how to take their retirement savings, social security, and other assets and convert those into a reliable source of income for their family.
Krista McBeath, a Bloomington/Normal Financial Planner with expertise in wealth management for corporate employees, advises those in such circumstances to look at the entire financial picture before making retirement decisions. Her company, McBeath Financial Group, has often seen an influx of clients in similar situations with frequent changes at a local insurance company. She notes that in the past, approximately half of the individuals have had the luxury of accepting an early retirement offer. Unfortunately, this isn’t always an option.
Regardless of the circumstances, it doesn’t change Krista’s recommendation to calculate and project for a variety of scenarios before deciding on retirement. When a calculated stress test provides a very high success rate for maintaining the quality of life without running out of money in a client’s lifetime, retirement may be a great option.
At McBeath Financial Group, the only goal is to provide detailed and efficient plans for helping clients achieve their financial goals. Their proprietary Technology Empowered Advisor Method (TEAM) is a unique retirement planning process that integrates the personalized touch of a relationship-based advisor with high-tech software tools to assess the client’s current portfolio and then analyze options from a variety of financial vehicles.
Computer stress-tested solutions generate detailed reporting that Krista uses to educate clients on future financial projections or problems. The in-depth calculations for success, along with their guidance, give their clients the confidence to enjoy the stress-free retirement they have earned.
As an additional edge, McBeath Financial Group is also proficient with tax planning. That’s important to ensure that client’s investments, assets, and social security are at an advantage for income and wealth transfer strategies. That along with the application of complex calculating software and experience with corporate forced retirement offers provides an edge for their clients.
Sadly, you probably know someone that is in a situation similar to Jonathon and Jenny’s. They need to know that help is available. They can contact Krista for an appointment today and take the next step toward lifelong financial peace of mind, to enjoy the stress-free retirement that they’ve worked so hard to earn!
Krista McBeath is the founder and president of McBeath Financial Group in Normal. The firm covers all areas of financial management, specializing in retirement and financial planning solutions. For more information, you may call 309-808-2224 email: [email protected] or visit their website McBeathFinancialGroup.com
Fee-based financial planning and investment advisory services are offered by McBeath Financial Group, a Registered Investment Advisor in the State of Illinois. Tax preparation and insurance products are offered through McBeath Tax and Financial Services, LLC. McBeath Financial Group and McBeath Tax and Financial Services, LLC
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