A plan that meets retiree's goals

Background

A retiree was looking to live an active lifestyle while also wanting to leave a legacy.

Challenge

The retiree contacted Burney Wealth Management and get answers to the following questions:

  1. Are there any other investment options available apart from conservative portfolios based solely on my age?
  2. Can you educate me on my options while also rendering recommendations unique to my personal situation?
  3. Can I fulfill my ultimate goal of leaving $1 million to each of my two kids upon my passing?

Here's how we improved the retirement plan

The Burney Wealth team analyzed the retiree’s current portfolio and recommended an updated portfolio that factored in not only the retiree's age but also their unique risk tolerance, overall financial situation, and long-term goals of the client. 

Here’s the plan suggested by the Burney Wealth Management team:

  1. First, we walked the client through our unique risk analysis process to help them understand the types of risks based on their level of comfort for taking those risks. 
  2. We then compared their refreshed outlook on risk tolerance to the risk of their current portfolio, which was much more conservative than compared to their risk-taking appetite. 
  3. From there we took time to analyze their complete financial picture, including their income sources, tax situation, and spending habits to determine how much risk the portfolio required in order to meet their goals.
  4. The plan led us to the same outcome as the risk discussion: the client could take more portfolio risk to increase their chances for success, including a higher potential growth rate for their investments. 
  5. This process gave the client peace of mind and a sense of security as it was not driven simply by age-based rules of thumb.

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