James & Emily Wilson

New York State pensioners retiring soon with healthcare costs concerns

Who They Are

Client Profile

Our clients come in all shapes and sizes with varying income levels, unique challenges, and different goals. We offer customized planning for each client based on individual circumstances.

Financial Situation

  • Combined annual income: $167,000
  • Retirement savings: $950,000 across 403(b) plans, IRAs, and a small brokerage account
  • Home value: $425,000 with $75,000 remaining on mortgage
  • Additional assets: Timeshare property worth $30,000
  • Emergency fund: $40,000
  • Outstanding debt: $75,000 home mortgage, $8,000 car loan
  • James will receive a teacher’s pension of approximately $3,800/month at retirement
  • Emily will receive a pension of approximately $5,200/month at retirement
  • Both will be eligible for Social Security benefits

Retirement Goals

  • James plans to retire at the end of the next school year (age 62)
  • Emily plans to work until age 62, giving her three more years
  • They want to spend more time with their grandchildren
  • They hope to travel during summer months, particularly to national parks
  • James wants to volunteer at the local science museum
  • Emily is interested in educational consulting part-time
  • They want to maintain their involvement in their church and community activities
  • They hope to help their youngest daughter with graduate school expenses

Financial Concerns

  • Worried about healthcare costs before Medicare eligibility
  • Concerned about the impact of inflation on their fixed pension income
  • Uncertain about the best strategy for claiming Social Security benefits
  • Want to ensure they can help with grandchildren’s education while securing their own retirement
  • Concerned about potential long-term care needs
  • Unsure about the most tax-efficient way to draw from retirement accounts
  • Worried about market volatility affecting their retirement savings
  • Concerned about outliving their money, especially with their family history of longevity
  • Uncertain about whether their current savings rate is sufficient

Questions They Have

  • Can we afford to retire when planned while maintaining our current lifestyle?
  • How should we coordinate our pension benefits with Social Security?
  • What’s the optimal time for each of us to claim Social Security?
  • Should we pay off our mortgage before retiring?
  • How much can we safely contribute to our grandchildren’s education?
  • What healthcare options should we consider before Medicare eligibility?
  • How should we adjust our investment portfolio as we approach retirement?
  • Should we consider long-term care insurance?
  • How can we minimize taxes in retirement?
  • Is our current emergency fund adequate for retirement?

Getting started is simple

No gimmicks, just clear and honest financial advice you can trust. We’re fee-only advisors—no hidden agendas or conflicts of interest. At Rockbridge, clarity comes first, so you’re always confident in your financial decisions.