By Steve Seals
Two University of Kentucky employees came to us for help. They both wanted to make wise retirement investment decisions so they could retire comfortably and simultaneously take care of their loved ones.
Each was uniquely motivated. These are their stories.
Case Study #1
The Client
Sally, (1) a full-time registered nurse specializing in oncology, is a single mom and the sole provider for her family.
Sally is a longtime client of mine, starting when I was at University of Kentucky’s Federal Credit Union (UKFCU). Then when I became a registered investment advisor (RIA), she moved her accounts to my independent firm, Seals Financial Planning & Investments.
The Goal
Although she was still 15-20 years from retirement age, Sally was eager to maximize her retirement accounts. She wanted to feel confident she could retire comfortably and also leave a lasting legacy for her daughter.
How We Helped
I advised Sally to take full advantage of UK’s 2:1 matching 403(b) and to set up a voluntary Roth 403(b) as well. As an RIA, I have access to a wider range of investments than was available to her through the standard UK investment channels.
Sally left UK after about 5 years, and we rolled over her UK 403(b) to a traditional IRA and a Roth IRA.
The Outcome
Sally was able to contribute to her daughter’s wedding costs by utilizing some of her Roth IRA funds, and now she’s currently working for Baptist Health (I’m managing her Baptist retirement funds) and only five years away from retirement!
Case Study #2
The Client
A client of mine for five years, Brenda (2) has been a neonatal intensive care nurse for 38 years, is single, and loves to travel.
The Goal
Brenda’s goal was to retire at age 63 and delay Social Security benefits until age 70. She already had her retirement portfolio invested in UK’s Teachers Insurance and Annuity Association (TIAA) College Retirement Equities Fund (CREF) when we first met.
At the time, Brenda wasn’t aware that because of TIAA’s restrictions, she didn’t have access to the full amount of money she had invested in the fund. Once she became aware of the limitations of the fund, she came to us for guidance on how to move forward.
How We Helped
To help, we opened UK Fidelity accounts for Brenda, transferred all available assets from her TIAA fund to Fidelity, and set up a TIAA Transfer Payout Annuity to begin the required 10-year transfer of funds to her Fidelity account.
In addition to ensuring access to Brenda’s TIAA traditional funds, we maximized the growth in her Fidelity accounts by opening BrokerageLink accounts within the UK 403(b) platform. We did this to increase investment options for her beyond the standardized models offered to UK employees.
The Outcome
Brenda recently retired and rolled over the leftover balance at TIAA, as well as her entire Fidelity account, which included Roth and traditional IRA funds.
In both Case Study #1 and Case Study #2, we helped our UK employee clients by carefully listening to their needs and guiding them toward retirement investment options that suited their individual life situations.
Reach Out—We’re Happy to Help
Here at Seals Financial Planning & Investments, we work with a diverse group of clients with distinct needs. Everyone’s situation is different. We get that.
Our goal for all current and prospective clients is to provide the best possible financial advice. We take pride in matching our financial planning knowledge with clients’ individual situations to confirm they’re on the right path to financial success—and keep them there.
Are you interested in learning how we can help you? Contact us today!
About Richard Stephen (Steve) Seals
Steve Seals is owner and independent Registered Investment Advisor Representative at Seals Financial Planning & Investments VI, LLC, a financial planning services firm based in Lexington, KY. As an independent Registered Investment Advisor Representative with about two decades of experience in the investment and insurance industries, Steve’s firm is founded on getting to know each client personally, allowing him to provide sound financial advice throughout their career and into retirement. With the mission of guiding clients on the path of success, Steve is fueled by his commitment to excellence and goes the extra mile to make sure clients are fully satisfied. He believes in maintaining a positive mindset, creating partnerships with a purpose, and always striving for significant outcomes.
Born in Jenkins, Kentucky, Steve grew up with a love for basketball and serving his community. After high school, he served nine years in the United States Marine Corps, then earned a bachelor’s degree in accounting. He was eventually able to put his degree and desire to help others to work as a fiduciary financial planner. Prior to founding his own firm in 2014, Steve learned from working with Edward Jones, US Bank, University of Kentucky Federal Credit Union, and CUSO Financial. He also received his Security Series 63 and 65/66 through Keystone Financial Group, LLC, and holds various life, health, and variable insurance licenses.
Steve and his wife, Angie, have three daughters (Lauren, Peyton, and Ashton) and two grandsons (Kenyon and Kai). Steve holds a private pilot’s license, and the family enjoys sports, spending time at the lake, and traveling. To learn more about Steve, connect with him on LinkedIn.
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(1) Name changed for confidentiality purposes.
(2) Name changed for confidentiality purposes.
