One factor that sets me apart from other financial planners is my extensive experience and familiarity with the retirement plans offered through DTE, including plans carried over from MCN Energy. I have worked with hundreds of DTE employees and am always happy to serve as a resource. I have spent the time necessary to understand the packages and options offered, such as the DTE 401(k) plan, the DTE, MCN and New Horizon Pension Plans, and the MCN severance plan. Here are a couple of crucial decisions that can sometimes come up for DTE Energy employees with regard to their retirement.
Retirement Timing
After retiring, I always emphasize the importance of considering all of the different income streams that you will rely on once your regular paycheck is no longer a source of income. Cash flow looks different after retirement, and I often run into clients who aren’t sure when they should retire because they are concerned about being able to maintain their desired lifestyles. When pre-retirees aren’t sure what they can afford, they sometimes work longer than necessary because they don’t know how to evaluate their retirement options. While it’s true that working a little longer can go a long way, I haven’t run into many clients where that is their preference!
Lifestyle Expenses
Part of my role is running projections and scenarios with a variety of timing alternatives, taking into account the income from your retirement savings, pension, Social Security, and other investments. I also factor in the spouse’s income for dual-income households. I often compare numbers based on different life expectancies to help my clients get a better understanding of how they will cover expenses if one spouse survives the other. There are a lot of moving pieces involved in retirement planning, but I find it rewarding to help my clients gain clarity and peace of mind, knowing when they can afford to retire and what kind of lifestyle they can sustain.
Healthcare Coverage
Medical costs are a major area of concern for many approaching retirement. A 2014 study found that Americans 65 and older spent an average of $19,098 per year on healthcare. (1) I help my clients evaluate the different coverage options available to them after retirement, and Medicare will help to cover some of the costs. Healthcare coverage is a common area of confusion, so I help my clients gain as complete an understanding as possible of what will be covered under the different plans available and how much they should expect to pay out of pocket each year.
If you know anyone who currently works for DTE Energy, or anyone who is thinking about how to plan for retirement, I would love to be a resource to help them make the best possible decision about their future. Please call (248) 220-4321 or email robert@cwmfinancial.net to schedule a meeting, or find a slot on my calendar by visiting www.calendly.com/cwmrob/initial.
About Rob
Robert Moore is senior partner, financial planner, investment advisor, and co-owner of Center for Wealth Management, an independent, fee-based wealth management company based in Troy, MI. With more than 15 years of experience, Rob provides customized advice and solutions that are in the clients’ best interest. He strives to always go above and beyond his clients’ expectations, helping them retire with more security than they had before, and invest their time and energy in what’s most important to them. Rob specializes in working with DTE Energy employees, helping them maximize their benefits so they can reduce taxes, prepare for retirement, and protect their families through a comprehensive planning process. Rob graduated from Michigan State University and holds the CERTIFIED FINANCIAL PLANNER® (CFP®) and Chartered Financial Consultant® (ChFC®) designations.
Rob is known as a diehard family man who enjoys spending time with his beautiful wife, Jill, his daughter, Brookelyn, and his son, Brayden. When he’s not working, you can find him playing basketball once a week, squeezing in a round of golf, and watching college football and basketball with friends and family. He is passionate about enriching the lives of others through his church involvement and service at a community addiction program. Learn more about Rob by connecting with him on LinkedIn.
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(1) https://www.singlecare.com/blog/medical-debt-statistics/