Case Study: How Chad Rishel Helped A Client Retire in 5 Years

At Farther, we're a purpose-driven retirement planning team. When people are beginning to think about their retirement, it can be difficult to take something as abstract as the concept of financial planning and visualize what that may look like for them in practice.

To help with that visualization, here is a case studies that detail a specific scenario where we leveraged financial planning to achieve a certain goal or solve a concrete problem for a client. This case study is an amalgamation of our client work to ensure client privacy.

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Retiring in 5 Years

A couple in their late 50s, long-time employees at Liberty Mutual, were considering retirement but were concerned they hadn’t saved enough to retire comfortably. They worried they might need to work longer than expected. After partnering with us, we showed them how they could retire years earlier than they thought while still maintaining their dream lifestyle.

How We Helped the Clients Retire Early with Confidence

• Creating Income Guardrails for Stability & Flexibility
  We helped the clients understand how much they could safely withdraw each year while keeping investments growing. By implementing income guardrails, they now have the flexibility to spend more in good market years and adjust in down years — ensuring savings last.
  
• Optimizing Investments for Both Growth & Income
  Their portfolio was initially too conservative for their long-term needs. We reallocated their investable assets to strike the right balance between growth and stability, ensuring reliable income while allowing wealth to grow over time.
  
• Developing a Social Security Strategy
  We analyzed the best time for each of them to claim Social Security benefits, weighing factors like maximizing lifetime income, coordinating spousal benefits, and ensuring sufficient early retirement income.
  
• Choosing the Right Time to Start the Liberty Mutual FAP Pension
  We carefully evaluated the client’s Final Average Pay (FAP) Pensions, determining the optimal time for them to start receiving payments — maximizing the pension’s value while coordinating with other income sources.
  
• Reducing Lifetime Tax Liability
  
  • ‍Taxes were a major concern, so we developed a plan to:
    • Strategically convert traditional 401(k) assets to Roth 401(k) over several years, reducing their tax burden in retirement.
    • Minimize required minimum distributions (RMDs) in the future by shifting pre-tax assets into tax-free Roth accounts.
    • Implement a tax-efficient withdrawal strategy to keep more of their money over time.

The Clients’ New Retirement Outlook
Before working with us, the clients thought they might need to work another five years or more before retiring comfortably. After building a tailored retirement roadmap, they learned they could retire earlier than expected without compromising financial security. They’re now looking forward to travel, time with family, and enjoying a financially stress-free retirement.

Next Steps

If you have a specific planning area or question on your mind that you'd like help with, don't hesitate to reach out to our team by filling out the contact form on our page.

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Other Case Studies

Case Study: How Chad Rishel Helped A Client Navigate An Unexpected Layoff

Case Study: How Chad Rishel Helped A Client Create Financial Security & Peace of Mind in Retirement