The Retiree

Background

Jack and Linda have been married for 40 years and have 2 children and 5 grand-children. Jack spent his career as a mechanical engineer in the aerospace industry and Linda worked as a middle school English teacher. They live in a suburb near Denver, CO and are deeply invested in their community. Jack is an overseer at their church and Linda volunteers in the children’s ministry. They love spending time with their friends and playing with their grandkids.

The Problem

Jack and Linda reached out to Peak Financial Management looking for help planning for retirement. Jack was about to turn 67 and they were both ready to stop working, but didn’t want to turn in their notices until they were confident they were financially prepared. 

Linda had a teachers pension and Jack was eligible for social security. Jack also had a 401k from his employer and they both had periodically contributed to IRAs over the years.

They also had questions about what the Bible says about retirement. They wanted to stop working, but also wanted to make sure they lived purposeful lives and honored God with their retirement years.

In addition, they wanted to invest in a way that was consistent with their faith and had some concerns about their current portfolio.

The Solution

After a free consultation, Jack and Linda decided to work with Peak Financial Management. They then met with their CKA© who encouraged them to consider how to apply certain biblical principles and commands during their retirement years. They discussed the purpose of retirement and how to have a “successful” one. As a part of that discussion, Jack and Linda shared they were passionate about missions but never had the time to be as personally involved as they would like. 

As a result, their CKA© helped them create a retirement plan that reflected their passion for mission work. Jack and Linda clarified how much they needed to spend to maintain their lifestyle in retirement. Then, they set a goal to increase their giving to their favorite missionaries and personally spend at least 6 weeks a year on the mission field.

They also discussed some biblical principles related to investing and different ways to align investments with biblical teaching. As a result, they switched to using a faith-based investment strategy.

After they had clarified their goals, their CKA© systematically went through each area of their finances, making sure each aspect was in alignment with their goals.

‍The Results

After creating a plan that reflected their values, Jack and Linda retired from their 9–5’s and pursued mission work. They felt confident because they understood their financial situation and had a plan that reflected their personal priorities. 

Once retired, when unexpected circumstances arose (they always do!), they adjusted their plan with their CKA©, focusing on the aspects of their finances they have the most control over. 

Jack is now 72 and Linda is 68. They have been retired for 5 years and have been on 12 mission trips to various countries, partnering with local missionaries/churches to share the Gospel of Jesus Christ and care for people’s practical needs. They also regularly spend time with their grandkids and have become more involved in their church than ever before.

*Disclaimer: All scenarios are entirely hypothetical and the individuals/families described are not real clients of Peak Financial Management. Nothing in these case studies should be construed as a guarantee of results/outcomes of, or satisfaction with services provided by Peak Financial Management.