Who We Serve and How We Can Help
With the rapid advances in technology, financial advisors can serve their clients in ways that weren’t possible 15-20 years ago. But new and refined technology isn’t just changing how advisors work with clients, it’s also changing who advisors serve.
It used to be that many clients chose an advisor based on a personal connection or because the advisor lived and worked in their local community. But as technology’s influence grows—and as the corresponding tech companies grow—more and more advisors are serving very specific groups of people.
That’s our Farther Focus Team’s goal. We’re not here to be everything to everyone. We know that’s not how we can bring the most value to our clients. Instead, we work with employees nearing or at retirement with a subset of specific companies. That way, we can understand how their employment with a specific company affects their retirement, putting that knowledge to work to help them move toward retirement with a greater sense of clarity.
Who We Serve: AT&T Employees
One specific group we work with is AT&T employees within five years of retirement. Why AT&T? Well, with all the consolidation, merging, and realignment over the years, retiring from AT&T can be quite complex. We know AT&T employees have a great set of retirement-related benefits, including a pension plan and medical benefits upon retirement. But if you can’t put your benefits to work for you, then the value of those benefits is obviously greatly diminished.
If you’re here, you’re likely an AT&T employee or know someone who is. So we don’t need to waste time explaining what you already know about AT&T employment and retirement. Just know that no matter your retirement situation, we’ve dealt with similar situations before. You can read more in our in-depth case studies, but we often help AT&T employees navigate early retirement, understand when to retire, or assist when retirement comes into the picture because of an expected layoff.
Each situation is unique, your benefits may differ depending on which legacy company you started your career at. Regardless of whether your retirement benefits originate from SBC, Pacbell, or even mama bell AT&T it is imperative that you ulitize your benefits to their fullest. Let’s explore the common areas that unite our work with AT&T employees.
How We Can Help
Deciding who to hire as your financial advisor can be a stressful process. Not just because it’s viewed as a long-term partnership, but also because the jargon in the industry can make understanding the benefits to you (the client) confusing. So as part of this piece, we want to be as clear as possible with how we focus our services toward best serving AT&T employees.
Helping You Understand Your AT&T Retirement Benefits
We’re starting here because of the vital importance that understanding your benefits has on your retirement. Retirement benefits vary by the individual, but there are many commonalities out there for AT&T employees. Unfortunately, there is also quite a bit of complexity.
We’ve already mentioned the importance of maximizing your benefits. But to get to a place where you feel comfortable with everything you have at your disposal, you need to truly understand the tools in your retirement toolbox. For example, if we simply told you, “Here’s a hammer,” you’re likely going to give us a perplexed look, unsure of what you’re supposed to do with it. But if, along with the hammer, we gave you details on how to use it and specific instructions on situations for which you’ll need it, you’d feel a lot more confident about receiving it.
Guiding You Step by Step to Retiring From AT&T
To take that toolbox analogy to the next level, our goal is not to give you instructions and a script for navigating retirement. We’re here to guide you step by step as we build and execute your financial plan.
As you’re preparing for retirement from AT&T, there are quite a number of boxes to check and plenty of paperwork to fill out. The Farther Focus Team isn’t going to hand you a checklist and tell you to get to work. We’re here by your side throughout the process, assisting you as much as we can to guide you to retirement. This will include an advisor who will review and walk you through any documents provided by the company. An advisor who will be on the conference calls with Fidelity to ensure funds are rolled over the correct way, i.e. without taxes or penalties. Together we walk you through each step of the process.
We understand that the most stressful pieces of retiring from AT&T are likely as small as a checkbox or yes-or-no question. You won’t have to make that decision alone, and you won’t have to feel hesitant about whether you made the right decision or not.
Maximizing Your AT&T Pension for Your Unique Situation
Speaking of making the right decision, we know quite a bit about the impact your AT&T pension has on your retirement. It’s often the biggest single piece of your retirement because of the value and potential outcomes related to that value.
But there’s no one right answer when it comes to your pension. Multiple factors play into the decision and electing between options like taking it in a lump sum or an annuity. And while you may be able to find some information on the internet about the options available to you, a decision this big can feel daunting to approach on your own. That’s where our team comes in; we’re here to help you navigate that decision and explain how it impacts your finances in retirement.
Choosing a Retirement Date:
While this may seem straightforward to someone outside the AT&T realm, choosing a date to retire can be complicated. That’s because of the Modified Rule of 75. As you’re likely already aware, the Modified Rule of 75—or Mod 75—dictates your retirement eligibility based on your age and number of years of experience. In addition, the decision is further complicated due to the fact your pension claim date will affect your pension lump sum. If you retire at the wrong time, such as during high interest rates, your pension lump sum will be decreased.
Even if you’re eligible to retire, does it make the most financial sense to retire right away? Or should you wait an additional year? Answering questions like that and helping you solidify when you’ll retire is another key component of navigating your AT&T retirement.
Reach Out to Our Team
We know this is a lot of information to digest, without even factoring in all the other retirement details. If you have questions about retiring from AT&T or specifics related to your situation, we’d encourage you to reach out to our Farther Focus Team by scheduling an initial consultation or emailing michael.lee@farther.com.
About Michael Lee
Michael Lee is Managing Director and Wealth Advisor at Farther, a financial institution that combines expert advisors and cutting-edge technology to deliver a comprehensive, personalized client experience. Farther caters to high-net-worth professionals who are building generational wealth and need a more holistic approach to managing their money. Michael provides retirement and tax planning for employees approaching retirement and offers guidance tailored specifically to clients’ employee benefits.
He’s passionate about helping people get the support they need—not just the super-wealthy executives, but everyday employees, from union workers all the way up the chain. He loves helping clients succeed and make the best of a bad situation, and making a difference in the lives of regular people.
