How Do You Plan to Transition into Retirement?
Gus Franke has already retired once, after a 20-year Army career took him around the world and back.
But Gus went from the military straight into a second career, running his own flag and banner business. In work and in life, he has a true partnership with wife Betty, who handles the books while Gus takes care of the clients. And with an Internet-based business, they have the flexibility to work from home.
Now, Gus and Betty are preparing to retire for a second time by turning the business over to their daughter.
“As our daughter has been onsite learning from Gus, I have been taking care of August – that's our grandson – while she has been chair-side, learning from Gus,” said Betty, who describes herself as “80 percent Mama.”
But Betty has been learning, too. A few years ago, she decided to take on more responsibility for the family's investing strategy – something Gus had always done on his own.
As Schwab clients, Betty and Gus have attended free workshops and held strategy discussions with their Schwab Financial Consultant, Steve Marcu. In fact, the Frankes have established such a good working relationship with Steve that they drive 120 miles round-trip to meet with him.
During their first meeting, Steve quickly realized that Betty needed to feel empowered as a financial decision-maker.
“I think the biggest change the biggest 'wow' for me was when I saw this was something that Gus and I can do together,” Betty said. “That was really important to me. It made me feel more valuable in our relationship.”
As a financial consultant, Steve’s goal is not just to empower but also to educate. “The only way you’re going to feel good about your financial reports is if you understand the terminology and the strategy,” he said. “Having a comfort level with your portfolio is essential, especially for clients who are transitioning into retirement right now.”
Gus appreciates the help and guidance. “Betty and I have walked out of here and we’re not looking at each other going, ‘What did he just tell us?’ We’re going, ‘Yeah, that was really interesting. I got a lot out of that.’”
Hear Betty and Gus's story about retiring for the second time and comment on #TalkBackTuesday: What's your plan for transitioning into retirement? If you’re approaching or in retirement, check out Schwab’s nine Retirement Income Fundamentals to help ease the transition from saving to spending.
The experiences herein have been edited, may not be representative of the experience of other clients and are not indicative of future performance or success. The information provided is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice.
The Charles Schwab Corporation (“Schwab”) provides a full range of securities brokerage, banking, money management and financial advisory services through its operating subsidiaries. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member, SIPC), offers investment services and products.
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