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Wescott Trust Services
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Retirement Planning

Client Snapshot

A law firm partner, approaching 60, married with no children, has voluntarily halved his billable hours and income—but realizes he needs to protect his savings to secure a comfortable retirement.

Situation and Outcome

After a fruitful legal career, the client found himself ready to retire (while still in his 50s).  Work was less stimulating and his practice area had grown less lucrative.  He had amassed significant assets, and had turned to Wescott through the years to help manage those.  Yet his fears of inadequate long-term cash flow left him uneasy about retirement.

Additionally, assets not under Wescott management—investments he'd handled personally—had lost significant value in the most recent recession.  He worried that his cash flow and future rate of return assumptions were off.  He needed to address his situation and his prospects.

Working with Wescott, together they addressed all the variables, reviewing his assets, and closely inspecting his cost-of-living budget, with the assumption that costs actually were higher than he'd projected.  They infused the plan with several safeguards—supposing for investment purposes that he has less money than he actually does, and projecting that he would spend more than he currently does.

Ultimately, the client felt more secure in the assumptions used and is planning on retiring in the next six months, feeling more confident about his and his wife's future.

Lessons Learned

In Wescott's experience, those who retire too early often regret the move because they planned poorly and assumed they had enough money—when, in actuality, they didn't.  While this client believes he has plenty of money, his caution is well placed.  Only adroit planning with a cautious eye on possible future fluctuations can help secure the retirement he's planning.