Hypothetical case study
They need to choose retirement dates and convert savings and benefits into monthly income.
This educational scenario is hypothetical and does not describe an actual client. Circumstances, recommendations, and outcomes vary.
Client profile
This hypothetical example uses the following household and financial assumptions.
The questions
Retirement dates affect Social Security, Medicare, portfolio withdrawals, taxes, debt payments, and monthly spending.
They need to compare retiring together, one spouse leaving first, or one of them working longer.
Claiming ages affect lifetime income, survivor protection, taxes, and how much the portfolio must provide.
Set monthly transfers from savings and retirement accounts, then add Social Security and pension income.
Using savings to repay the mortgage reduces debt but also reduces liquidity and investable assets.
Planning work
Kwix calculates monthly income from Social Security, pensions, retirement accounts, savings, and any remaining wages.
Review savings, expected income, expenses, debt, and each possible retirement date.
Lay out Social Security, retirement accounts, savings, and any earned income month by month.
Compare claiming strategies for both spouses, including survivor and tax considerations.
Prepare for enrollment windows, coverage choices, and healthcare costs before employer insurance ends.
Compare mortgage and auto-loan paydown with keeping enough accessible cash.
Coordinate which accounts fund spending first and where proactive tax planning may help.
Summary
They need to decide retirement dates, income sources, Social Security timing, Medicare coverage, tax moves, debt payments, and spending before the paychecks stop.
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