Already Retired

Case study #3: Ellen & Joe

Ellen (64) & Joe (67)


Joe and Ellen retired last year. They thought they had everything figured out but are unsure of their income strategy for retirement. They are concerned about the taxes they are paying on retirement withdrawals. Ellen already started Social Security but Joe has not.

They want to figure out how to efficiently take withdrawals from assets. 

Another big decision is Joe applying for Social Security. Ellen also needs to sign up for Medicare because her COBRA coverage will be expiring.

Current Financial Situation:

Joe IRA $412,000

Ellen Trust Account $250,000

Ellen IRA $711,000

Ellen Social Security $22,000/yr.

Joe Social Security $24,000/yr. Now

$32,000/yr. Age 70


  • $8,000/mo. income after tax and travel $12,000/yr.

Personal Financial Summary (Recommendations and Outcome*)

  • Examine their spending need vs income sources and asset withdrawals.
  • Make sure they have at least 3-5 years of income withdrawals in low-risk investments so they can weather a market downturn.
  • Review Medicare supplement or advantage plans to determine the right policies for Ellen; Also review Joe’s policies to make sure it is still the best plan for him.
  • Delay Joe’s Social Security claiming until 70 to max out his benefit.


Step #1 in our Personal Financial Summary™ process is a no-cost phone consultation. Learn more and quickly schedule your appointment here. ????️

*This is a hypothetical case study provided for informational purposes only and is not intended to be a projection of current of future performance or indication or future results.  The information provided is not based on actual current or past clients. All situations are unique, and results will differ depending on individual situation.  Past performance is not indicative of future results.