For Executives Nearing Retirement
Executive Retirement Planning Process in Minnesota
You have spent your career doing what you were told would lead to a good retirement. You earned a strong income, saved into your 401(k), and built company stock, RSUs, and other benefits. Now the questions have changed. You want to know whether everything you have built is enough to step back from your corporate job. That is where our process begins.
Walkthrough Video
See the Full Process From Discovery Call to Implementation
Watch the complete walkthrough of how New Horizons Boutique Financial Services guides corporate executives from the first conversation through a fully implemented retirement strategy.
Who This Process Serves
You Have Done the Saving. Now You Need the Strategy.
We work with successful executives, directors, vice presidents, and other professionals throughout the Twin Cities metro, the surrounding Minnesota area, and western Wisconsin. Most have been saving 15% or more of their income for many years. They are not coming to us because they forgot to prepare. They are coming to us because the closer retirement gets, the harder it becomes to see how all the pieces fit together.
The questions shift from "Am I saving enough?" to "Is what I have built enough to stop working?" That transition requires a different kind of planning, and that is what this process is designed to address.
Common Questions We Help Answer
- > Is what I have built enough to take a step back from my corporate role?
- > How will I pay for health insurance before Medicare?
- > Will taxes take more of my retirement income than expected?
- > How does a collection of investment accounts turn into monthly income?
- > When does staying at work become a choice rather than a necessity?
Our Process
Four Stages From Discovery Call to Ongoing Partnership
The executive retirement planning process at New Horizons follows a structured path. Each stage builds on the one before it, moving from understanding your goals to implementing a plan designed to make work optional.
Discovery Call
A conversation about the life you want your money to support, plus a review of what you have built.
Plan 1.0
An early picture of where things stand, testing when work may become optional and where income could come from.
Financial Independence Transition
A 30 to 60 day onboarding covering spending, accounts, healthcare, taxes, income, and estate review.
Implementation and Ongoing Review
Putting changes into action and continuing the conversation as life and goals evolve over time.
The Discovery Call
The process begins with a discovery call. Most people do not come into that meeting with one perfectly worded question. They usually say something like, "I think we have done a good job saving, but I have no idea when I can actually stop working," or, "I enjoy my job, but I want to understand when I can retire if my role changes."
We spend time understanding what being ready would actually mean for you. Is it playing golf with friends, taking vacations with your spouse, or spending time with your kids or grandkids? For one person, that may mean retiring at 55. For another, it may mean cutting back or reaching the point where a company buyout or a difficult new boss no longer controls that decision.
What We Review in the First Meeting
- > Income and current spending patterns
- > Retirement accounts, including 401(k) and old plans
- > Company benefits, stock compensation, and RSUs
- > Brokerage accounts and other investments
- > Your timeline, goals, and what retirement looks like to you
The meeting should feel like a real conversation, not a form being read to you. By the end, we should understand the question you are trying to answer, and you should have a clear sense of how we work and whether continuing the process makes sense. Our team operates as a fiduciary financial advisor, meaning we are required to act in your best interest.
Plan 1.0: Seeing the Gaps
After the discovery call, we begin putting the pieces together. Most people have a general idea of what they own. They know roughly what is in their 401(k), what their company stock is worth, and what they have in savings or a brokerage. What they usually have not seen is how those pieces work together after their paycheck stops.
Plan 1.0 is designed to show that. We take what we learned and build an early picture of where things stand today, then begin testing when work may become optional and where income could come from. That is often where real issues become clear.
Plan 1.0 is not the finished plan. It is the point where the conversation begins to feel less like guessing and more like planning. For a broader look at retirement readiness factors in Minnesota, see our retirement planning guide.
Gap: Wealthy on Paper, Short on Cash
Someone may have saved significantly but still have very little they can comfortably use between age 55 and the point when they plan to rely on retirement accounts. On paper, they look wealthy. In real life, the first few years after leaving work may still be difficult to fund.
Gap: Too Much Dependence on One Company
One employer may provide the salary, bonus, health insurance, stock, and a large part of the investment portfolio. That can feel manageable while the company is doing well. It feels very different after an acquisition, a leadership change, or a sharp drop in the stock price.
Gap: Healthcare Before Medicare
Normal spending works and the mortgage is under control, but the 8 to 10 years before Medicare has never been fully added to the plan. Plan 1.0 helps us see those gaps and identify which decisions deserve a closer look.
The Financial Independence Transition
This is our 30 to 60 day onboarding process for clients who decide to continue. The name is intentional. You have already spent years building wealth. Now, the work is about preparing that wealth to replace your paycheck so you can enjoy the next stage of life. We move from a high level view into the details that determine whether the plan can actually work.
Post-Retirement Spending
We look at what life will actually cost after work ends. Some expenses may disappear, while others may increase. You may stop saving 15% of your income, but travel may become a larger part of your life. The mortgage may end a few years after retirement, while healthcare may become more expensive for a period of time.
Account Optimization
Earlier in your career, putting as much as possible into the 401(k) may have been the obvious move. Five years before an early retirement, that answer may change. You may still want the employer match and the tax benefit, but you may also need to build more money that can be reached without waiting for retirement account distribution rules.
Healthcare Planning
Health insurance before Medicare is different from other expenses. The cost may depend on your age, where you live, the type of coverage, and even how income appears on your tax return. This means healthcare cannot be planned in isolation. The tax plan, healthcare plan, and retirement income plan need to be built together. See our guide on Minnesota taxes on retirement income.
Tax Planning Before the Decision
Taxes become more complicated for executives because income often arrives from several places. A final year may include salary, bonus, severance, vested stock, and deferred compensation, potentially making it one of the highest income years of the entire plan. We are not looking for a trick that makes taxes disappear. We are trying to keep major tax decisions from happening by accident.
Turning Investments Into Income
For most of your career, money has moved in one direction: your employer pays you, you pay the bills, and part of what remains goes into investments. Retirement reverses that flow. We help create a system where a regular transfer moves into checking each month, much like the paycheck you were used to receiving. Retirement income should not feel like a series of random withdrawals.
Investment Alignment
A person can own solid investments and still have money in the wrong place. Money intended to support the first few years of retirement may need to be handled differently from money that may not be touched for another twenty years. Company stock also needs attention when the same employer provides your salary, bonus, insurance, and stock awards. The goal is to make sure each part of the portfolio has a clear job.
Estate and Protection Review
We also review the areas people tend to put off: insurance, beneficiary forms, and estate documents. A missing or outdated detail can cause problems for everything else. An old life insurance policy may no longer fit. A retirement account may still name the wrong person as beneficiary. A will may have been signed years ago before the family or financial situation changed. We do not write legal documents, but we can help organize the questions and coordinate with attorneys when needed.
Coordinating With Your CPA
With your permission, we can speak directly with your CPA so you are not responsible for carrying the detail between two different professionals. This coordination helps ensure that tax decisions made within the retirement plan are aligned with what your CPA sees at tax time. For strategies involving retirement account distributions, see our guide on RMD strategy and Roth conversions.
Comparing Paths and Putting the Plan Into Action
Once the major planning work is complete, we update the financial independence analysis. This is where we compare the path you were already on with a path that reflects the recommended changes. The difference may come from saving into another type of account, reducing company stock over time, paying off debt, changing how healthcare is funded, or creating a clear order for retirement income.
Instead of staring at the total account balance and wondering whether it is enough, you can begin seeing what gives you more flexibility and what may be holding you back. These are not estimates or promises. They are a way to compare your choices with more clarity.
The State of the Union Meeting
After the first planning work is complete, we hold what we call a state of the union meeting. We review:
- > What has been finished
- > What remains incomplete
- > How the changes affect the plan
- > What deserves attention next
From there, the conversations continue as life changes. A new stock grant, company buyout, job offer, family need, or early retirement date can all change the next decision. The plan should not stay frozen while the rest of your life keeps moving.
Our Team
Strategy First. Products After.
Our team holds FINRA Series 7, 63, 65, and 66 registrations, along with Life and Health Insurance licenses. Lars Engman holds an MBA, and Alec Engman holds a B.S. in Economics from the University of Minnesota. We intentionally limit the number of clients we serve so every relationship receives full time and attention. Every recommendation begins with a clear strategy before any products are discussed.
If you are evaluating whether to work with an advisor, our guide on how to find a good fiduciary financial advisor covers the questions that separate a fiduciary from one who can handle your transition.
Frequently Asked Questions
Questions About the Executive Retirement Planning Process
What does the financial planning process look like for executives nearing retirement?
The process typically begins with a discovery call to understand your goals and financial picture. From there, an early analysis called Plan 1.0 tests when work may become optional and identifies gaps. For clients who continue, a 30 to 60 day Financial Independence Transition covers post-retirement spending, account optimization, healthcare planning, tax planning, turning investments into income, investment alignment, and an estate and protection review. The process concludes with a comparison of paths and ongoing reviews.
How much does a retirement financial advisor charge?
Fee structures vary by advisor and the scope of services provided. We discuss fees openly during the discovery call so you can decide whether continuing the process makes sense for your situation. The first conversation carries no cost or obligation.
When should executives start planning for retirement?
Many executives begin seeking structured planning in their late 40s or early 50s, when the focus shifts from accumulating savings to understanding whether those savings can support the next stage of life. Starting earlier allows more time to make adjustments to account types, tax strategy, and company stock exposure before the retirement decision needs to be made.
What should I bring to a financial planning discovery call?
A general picture of your income, spending, retirement accounts, company benefits, investments, and any questions about your timeline is helpful. The meeting is designed to be a conversation, not a form, so you do not need perfectly organized documents. If you have recent account statements or a tax return, those can be useful, but the first call is primarily about understanding your goals.
How does a fiduciary advisor help with early retirement before Medicare?
A fiduciary advisor can help coordinate healthcare costs with tax planning and income strategy. Marketplace insurance premiums may depend on income, so decisions about retirement account withdrawals, capital gains, and stock sales in the years before Medicare can affect what you pay for coverage. The healthcare plan, tax plan, and retirement income plan need to be built together rather than separately.
Explore More
Related Planning Guides
Retirement Planning in Minnesota
What professionals need to know about Minnesota retirement rules, taxes, and timing.
Minnesota Taxes on Retirement Income
How Minnesota taxes Social Security, pensions, 401(k), and IRA distributions.
Rule of 90 in Minnesota
How the Rule of 90 works for public employees and why it is not the same as being ready to retire.
RMD Strategy and Roth Conversions
Using the pre-RMD window to manage lifetime taxes through strategic conversions.
How Much Do I Need to Retire in Minnesota?
A framework for defining your retirement number with Minnesota-specific factors.
What Is the Downside of a Fiduciary?
Understanding the realistic trade-offs and limitations of working with a fiduciary.
The Goal Is Not Simply a Retirement Number. It Is Reaching the Point Where Staying at Work Is a Choice.
Most of the people who come to New Horizons have already done the hard part. They built successful careers, earned strong incomes, and saved for the future. What they need now is to understand whether what they have built is ready to support the next stage of life. That process begins with a discovery call.
New Horizons Boutique Financial Services
8647 Eagle Point Blvd. Suite #1, Lake Elmo, MN
Serving the Twin Cities metro, greater Minnesota, and western Wisconsin