“During the time the couple waited, their Social Security benefits grew and the IRA balances grew, so they had even more money that could be taken out later,” he adds. “They still have company stock but now in a smaller, more reasonable allocation. We coordinated this multi-year plan with the CPA who originally referred them to me, to make sure we were not missing anything.”
In addition to the cash savings, Social Security and company stock, the couple had other investments in their portfolio for a total of about $2.5 million.
“This plan was a perfect fit for this couple," Conroy says. "They were receptive to doing things a little differently. In the future, they plan to sell more of the newer shares, which do not have as much gain as the stock that has already been sold.”
He notes that the couple is very family oriented, and not inclined toward lavish spending. "They could afford to buy a Ferrari, but they won’t," Conroy says. "We are actually helping them to spend a little more of their money. They like to travel and take their children and grandchildren with them. We want to help them celebrate with their family. We can also tell them they will now have more to leave to their children and grandchildren.”