Case Study on Ross and Rachel's transition to Retirement so they have a clear path forward.

Ross and Rachel’s Transition to Retirement: A Clearer Path Forward

Case Study:

Ross (64) is gearing up for retirement this year, while Rachel (60) retired last year after dedicating over 35 years to her career. Over the years, they’ve saved diligently using workplace savings plans, RRSPs, and TFSAs. Recently, a family inheritance added another layer of complexity to their financial picture.

Like many parents, they also wanted to help their two adult children financially—sooner rather than later.

The Challenge

Despite their careful planning, Ross and Rachel had big questions about how to make their money work in retirement. Their key concerns included:

  • Turning their savings into a steady monthly income.
  • Knowing how much they could safely spend each year.
  • Helping their kids financially now without risking their own future.
  • Keeping taxes as low as possible, now and down the road.
  • Allocating their investments and inheritance wisely for retirement.
  • Exploring the possibility of selling their home to buy a lakefront property.
  • Making sure they stayed on track as life unfolded.

The Approach

To tackle these concerns, the first step was sitting down together to create a personalized Retirement Road Map. This wasn’t just about numbers—it was about understanding what truly mattered to Ross and Rachel. 

Together, we:

  1. Defined Priorities: What were their biggest hopes, dreams, and concerns?
  2. Clarified Goals: We set clear retirement objectives and took stock of their current financial situation.
  3. Created an Action Plan: Using a step-by-step GPS (Game Plan Strategy), we outlined how to transition into retirement smoothly—and stay on track for the long haul.

The Results

With their Retirement Road Map in hand, Ross and Rachel walked away with clarity, confidence, and a concrete plan to enjoy their next chapter. 

Here’s what their plan delivered:

A Clear Spending Plan: 

We stress-tested different scenarios to show them how much they could spend comfortably—and even stretch their dollars further.

Reliable Retirement Paycheck: 

We created a strategy to deliver a steady monthly income from a mix of sources—RRSPs, TFSAs, inherited funds, and other investments.

Gifting to Family: 

They were thrilled to learn they could gift their kids now without compromising their future plans. We also factored in a budget for their dream lakefront property.

Tax-Smart Withdrawals: 

We optimized their withdrawal strategy, balancing RRSPs, CPP, OAS, and other accounts to minimize taxes today and in the future.

Investment Reallocation: 

Their portfolio was adjusted to focus on balanced growth, risk management, and tax efficiency—all tailored to their retirement goals.

Inheritance Protection: 

We helped safeguard both the inheritance they received and the funds they planned to gift, addressing legal considerations along the way.

Ongoing Adjustments: 

Retirement is a journey, not a one-time event. We built in a process to regularly review and adapt their plan as life changes.

The Outcome

Ross and Rachel are now enjoying a smooth, worry-free transition into retirement. They’re spending confidently, supporting their family, and making their dream move—all while reducing taxes and protecting their financial legacy for years to come.

Your Retirement Road Map

Ross and Rachel’s story is unique, but the challenges they faced are ones many retirees experience. If you’re wondering how to turn your savings into a reliable retirement paycheck or navigate big decisions like gifting or tax efficiency, we’re here to help.

Let’s create a Retirement Road Map that’s designed just for you.

If you enjoyed this,  you would love our white paper, Your Retirement Road Map: How to Make the Transition to Retirement. You can download it  HERE

For your FREE E-Copy of Preserving Wealth, CLICK HERE

What To Do Next

Are You on Track with Your Retirement Strategy? FIND OUT TODAY!

For more information, refer to Preserving Wealth: The Next Generation – The definitive guide to protecting, investing, and transferring Wealth by Jack Lumsden, MBA, CFP® or schedule a call with Jack at 905-332-4403

Jack Lumsden is a Financial Advisor with Assante Financial Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Financial Management Ltd. Please contact him at 905.332.5503 or visit www.jacklumsden.com to discuss your circumstances before acting on the information above.

Insurance products and services are provided through Assante Estate and Insurance Services Inc.

Leave a Reply

Your email address will not be published. Required fields are marked *