Income for the rest of the Pam and John's desires will come from their portfolio – both from income-generating products but also periodically withdrawing some of their assets.
Pam and John
Pam and John are a couple with a stable financial situation. They are conservative, long-term planners who are semi-retired.
|age||life stage||salary||total assets||occupation|
|John is 68 and Pam is 61||Semi-retired||$20,000||$1,000,000||English Literature Professor|
Pam has been married for 35 years to her husband, John. John is a retired chef and he's currently working on his first novel, a mystery about a disappearing pilot.
Pam and John have one child, Stephen, a graphic designer in Austin, TX.
Pam is semi-retired and still teaches one course per semester on medieval poetry, a passion of hers. She'd like to continue to teach as long as she is able.
They are both relatively healthy although Pam has some arthritis in her knees.
Concern about running out of money while in retirement.
Avoid market fluctuations in favor of stability.
Pam and John have specific financial needs in order to be able to achieve their overall retirement goals. The following is an estimated amount of annual income* Pam and John believe they will need to achieve their retirement goals.
Legacy is not a priority for Pam. Her son is financially stable on his own. She does get peace of mind knowing she has a buffer if times get rough. This buffer will be part of her investment allocation.
*Income needs in terms of after-tax income.
Pam has been making contributions to her retirement plan since joining, and has savings in both a fixed annuity and a variable annuity.
Pam and John decide to move all of their remaining investment assets to a single provider so an advisor can manage their assets holistically throughout retirement. Their portfolio seeks to achieve growth above inflation, and it will generate dividend income from certain investments in their portfolio.
Displayed in real dollars to show how income maintains the customers' buying power throughout retirement (30-35 years). The composition of income received in retirement is purely hypothetical, for illustrative purposes only.
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