Leaving a long career.
The paycheck stops on a date you chose. The pension form, the 401(k) rollover and the Medicare clock all start at once. We put them in order.
Most of it can wait.We'll help you find the parts that can't.
Fee-only financial planning · Bozeman, Montana
Plate I · Valley grassland, late September light · Generated image
Larkwood Financial Planning helps people through a big change in their fifties and sixties: leaving a long career, selling a practice, or starting over after a divorce or the death of a spouse. We sort what needs a decision now from what can wait, then build the plan for the years after.
Book a first conversation
See how working together goes
45 minutes, by phone, video or in our Bozeman office. No cost, and nothing to sign.
Three kinds of change bring people to us.
Selling a practice or business.
Years of work turn into one sum and a tax bill. We help you plan the sale's timing with your CPA, then turn the proceeds into income you can live on.
After a divorce or the death of a spouse.
Accounts change names, forms arrive, and people ask you to decide things quickly. You don't have to. We start by keeping the next few months simple.
Whichever it is, the first step is the same: see the three piles.
First, we sort everything into three piles.
In our first weeks together we write down every decision in front of you. Then we sort them.
Now 1 open
Things with a real deadline or a cost to waiting.
- The old 401(k)
Soon 2 open
Decisions that matter, but get better with a little time and information.
- When to start Social Security
- Stay in the house?
Not yet 3 open
Things that can usually wait a season.
- Rewrite the portfolio
- Big gifts to family
- Sell the cabin
The first twelve monthsChoose a month, drag along the bar, or use the arrow keys.
Month 4Nothing new this month. Live your life.
Dealt with
- A year of cash on handMo. 2
- Pension election windowMo. 2
- Enroll in MedicareMo. 3
Illustrative. Common planning decisions and an example year, not a client's.
A short first pile is a good day. A long one at least has an order.
How working together goes.
The same twelve months, from our side of the table.
45 min
A first conversation.
No cost. You tell us what changed and what's worrying you. We tell you honestly whether we're the right fit. If we're not, we'll suggest where to look.
Month 1
Getting organized.
We gather the statements, the pension paperwork and the deadlines in one place. You'll see your three piles before we recommend anything.
2–3 months
Your plan.
Usually within two to three months. A written plan in plain English, walked through in person. It says what to do, in what order, and why. You decide what we act on.
Ongoing
The years after.
For as long as it helps. We meet at least three times a year and you can call between meetings. When life changes again, the plan changes with it.
One plan, the whole picture.
- Income. Which accounts pay you, in what order, and how much to keep in cash.
- Taxes. Year-by-year planning with your CPA, including the years before Social Security and required withdrawals begin.
- Social Security and Medicare. When to claim, how spouses' and survivors' benefits work, and enrolling on time.
- Investments. A portfolio built to fund the plan, managed by us if you want that, held in your name at a custodian separate from us.
- The house and the big stuff. Stay, downsize, rent the cabin out. We run the numbers with you.
- Estate and insurance. We don't draft documents or sell policies. We review what you have and work alongside your attorney.
A paycheck again, from accounts you already have.
When work stops, income has to come from somewhere. The order matters for taxes and for how long the money lasts. Here is the kind of sequence we might sketch for a couple, year by year.
Illustrative. A hypothetical household, not a client and not a recommendation. Each year's paycheck is split by source as shares only, with no dollar amounts.
| Ages | Where the monthly paycheck comes from |
|---|---|
| 63 to 64 | A cash reserve and the taxable brokerage account. Low taxable income in these years can make partial Roth conversions worth a look. |
| 65 | Medicare starts. Same sources, with the IRA beginning to contribute. |
| 66 to 69 | Mostly IRA withdrawals, sized to a tax bracket, while Social Security waits. |
| 70 | Social Security begins for the higher earner. IRA withdrawals get smaller. |
| 75 onward | Required minimum distributions begin. The plan accounts for them years ahead. |
Illustrative only. A hypothetical married couple, both 63, retiring together, with a cash reserve, a taxable account, traditional IRAs and Social Security. It shows an order of withdrawals only: no dollar amounts, no investment results. Taxes, health, longevity and markets will differ for every household, and the right sequence for you may look nothing like this. Required minimum distributions shown at 75, the age under current law for people born in 1960 or later; the law may change.
What it costs, in plain numbers.
We are fee-only. Our advisory fees are paid by clients under the fee schedule in our Form ADV Part 2A, which also describes any other compensation and conflicts. We don't sell insurance, annuities or investment products, and we don't earn commissions.
| Service | How it's charged | Sample range |
|---|---|---|
| The first-year plan | Year one only. One flat fee, agreed in writing before we start | $6,000 to $12,000, depending on complexity |
| Ongoing planning | From year two, in place of the plan fee. A flat annual fee, billed quarterly | $4,500 to $9,000 a year |
| Investment management | Included in the ongoing fee if you want it. Not a percentage of your assets. | Included |
Illustrative. A sample fee structure for a fictional firm with no Form ADV. A real firm's fees appear here exactly as stated in its Form ADV Part 2A.
- You'll know your exact fee before you sign anything.
- After the first-year plan, you can stop. Ongoing planning is a choice, not a condition.
- Fees are paid to us directly. Fund and custodian costs are separate and we'll show you each one.
Small on purpose.
We keep the number of households we work with small enough that when you call, you reach the planner who knows your plan. We're independent: not affiliated with a bank, broker-dealer or insurer, so no parent company sets what we recommend. Your accounts stay in your name at a custodian separate from us, and you can see them any time. And we work alongside your CPA and attorney, not around them.
Elena Marsh Founder and lead planner
"I meet every new household myself, and I write each plan in plain English before we act on any of it. If a decision can wait, I'll say so."
You don't have to have it figured out to call.
Bring the stack of mail you haven't opened. We'll start there.
Book a first conversation
Or call (406) 555-0142 · Weekdays, 8:30 to 5 Mountain
