Steve & Laura
Senior Researcher & Healthcare Consultant
CASE STUDY 02 : AGE: 67 & 59
Retired
Primary Goals:
Reduce taxes, improve investments, and create a reliable income stream in retirement.
The Challenge
Steve and Laura recently retired from long and meaningful careers. Steve spent more than 30 years at the University of Rochester as a senior research faculty member. Laura built her career in the private sector as a healthcare consultant, which gave her different benefits and retirement plans than Steve.
With their children grown, they are excited about traveling, golfing, and spending more time with their grandchildren. They also want to continue giving back to their community in ways that matter to them.
Their retirement picture was complex because of their different career paths.
Steve had TIAA 403(b) and 457(b) accounts from the University.
Laura had multiple 401(k)s from her consulting career along with a traditional IRA.
They both had taxable brokerage accounts and significant home equity.
They worried about how to coordinate all of these accounts and how to draw income in a way that minimized taxes. They also wanted to be sure their plan could support both of them for decades to come.
The Approach
We created a Retirement Plan that integrated both of their benefit structures and investment accounts.
Partnered with their CPA to identify upcoming RMDs, tax brackets, and Medicare surcharges (IRMAA).
Built a coordinated Roth conversion strategy so both could lower lifetime taxes and required distributions.
Consolidated old 401(k)s and IRAs into a simpler, cost-efficient structure.
Adjusted their asset allocation to reduce risk while still supporting long-term growth.
Designed a withdrawal plan that clearly showed which accounts to draw from first for maximum tax efficiency.
Modeled different Social Security claiming strategies so they could pick the option that fit their retirement goals.
This gave Steve and Laura a clear roadmap that aligned two very different career benefit structures into one coordinated plan.
The Results
Steve and Laura now:
Pay less in taxes each year due to proactive Roth conversions.
Have a reliable and sustainable income stream that supports travel, family, and charitable giving.
Reduced investment costs and simplified accounts, making it easier to manage their plan.
Feel confident that they are not missing opportunities unique to both university retirement benefits and private-sector plans.
Today, they split their time between Rochester and warmer climates. They travel to new golf courses, enjoy time with their grandchildren, and feel at peace knowing their plan is reviewed every year to reflect tax law changes and their evolving lifestyle.
Learn more about my approach to retirement planning for University of Rochester professionals.
“This case study is provided for illustrative purposes only to provide an example of the firm’s process and methodology. The results portrayed in this case study are not representative of all client situations or experiences. An individual’s experience may vary based on his or her individual circumstances and there can be no assurance that the firm will be able to achieve similar results in comparable situations. No portion of this case study is to be interpreted as a testimonial or endorsement of the firm’s investment advisory services. The information contained herein should not be construed as personalized investment advice.”