John is 57 and has worked as a machinist, engineering technician, and plant manager at three manufacturing companies over the past 37 years.
In the first ten years of his career, John’s employer provided a traditional defined benefit pension plan. Company ownership changed and new owners froze assets in the defined benefit plan and offered a traditional 401(k) defined contribution plan for employees.
During the 1990’s global competition forced another sale this time to an ESOP company. The new company offered John an ESOP profit sharing plan and a traditional 401k defined contribution plan. John continued make contributions to his 401(k) and periodically into IRA’s at the bank when it helped lower his taxes in certain years.
The ESOP company and John’s investments generally did well until the Great Recession. Since then, John has become concerned about the future of his employer and his own future. After talking with some friends and colleagues, John decided it was time to hire a professional investment adviser.
John sought a professional investment adviser to develop a retirement plan and goals and determine whether he could retire early, and if not how much longer he needed to work. John is seeking a professional investment adviser to help him determine his investment preferences and risk tolerance, discuss diversification and create a plan to simplify his finances.
John looks for a professional investment adviser to consolidate and manage his old 401(k) and bank IRA’s in one new IRA account, as well as to provide advice and guidance regarding rollover decisions on his ESOP and 401(k) balances once he retires.
John is fortunate to have his retirement income needs covered by a combination of sources. He gets a monthly check from his original company pension, monthly social security benefits, and regular monthly withdrawals from retirement savings that he looks to a professional investment adviser to help him manage and monitor.
