Doug's Story

"I don't want to run out of money."

Doug had recently lost his wife to an illness. To add insult to injury, he also lost his job in the energy industry at age 62. With no jobs available in a difficult energy market, he decided to retire. He was planning to live on cash he’d saved and claim his Social Security benefits early. He was fearful of using his guarantee of principal or investment accounts, because he wasn’t sure how long they’d last, but was also concerned about using all his cash. Not knowing what to do, he simply said, "I don't want to run out of money."

We convinced Doug to hold off on claiming Social Security until we could come up with a strategy. What he needed was income. To generate that, he needed an income plan. ChappelWood's team of professionals designed a plan that segmented his investments into different buckets based on when he'd need the money and his risk tolerance.

Ultimately, Doug received a stream of income that will last until at least age 90, increased his expected monthly income by more than $1,000, allowed him to leave his annuity untouched as a legacy to his sons, and prevented him from needing to claim Social Security until age 66, thereby receiving his full benefit.

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