As a fiduciary financial advisor in Lexington, Holland Capital helps households where both spouses work in public service, such as a teacher and a state agency employee, coordinate two retirement benefits, two retirement dates and one income plan. We work with clients in Lexington by video and phone, and meet in person by appointment at the Regus center on Stoneridge Drive in Columbia.
Two public careers. Two sets of benefit rules. One household budget.
Lexington has about 24,600 people, based on Census estimates for 2020 to 2024. About 17% of its workers hold government jobs, and more than one in four households already receive retirement income.
When both of you work for a school district or a state agency, each of you has your own retirement plan, your own service record and your own eligibility date. The two may not line up.
One of you may be in SCRS and the other in the State Optional Retirement Program (State ORP). Even two SCRS members can be in different membership classes.
Two Plans, Two Sets of Rules
SCRS provides a lifetime monthly benefit based on a formula using service and pay. State ORP is a defined contribution account whose value depends on contributions and investment results.
We gather each spouse’s statements first, so the plan starts from your real numbers. We explain how couples plan retirement income in a separate guide.
Picking Two Retirement Dates
You do not have to retire in the same year. One spouse may keep working for a higher benefit or for health coverage while the other stops.
We test a few combinations of dates. For each one, the plan shows your monthly income, your taxes and how long your savings need to last.
If either of you has Social Security benefits, claiming decisions become part of the plan. Those choices interact with the pension dates, so we line them up in one timeline. South Carolina also provides a retirement income deduction that changes at age 65.
One Plan Built Around Both Benefits
If both of you have pensions, each payout choice affects the other spouse. A survivor option on one pension should be considered alongside the other spouse’s income and benefits, so we look at the two choices together.
At Holland Capital, investment management treats both spouses’ savings as one portfolio, built around the income the two benefits do not cover.
How We Work with Clients in Lexington
Holland Capital Management is an independent registered investment adviser and a fiduciary. M. Chad Holland, CFA, CFP® works directly with clients and is responsible for the planning and advice.
Bring each spouse’s latest PEBA benefit statement, any ORP or deferred compensation statements, any Social Security estimates and last year’s tax return.
You receive a written plan comparing retirement dates, benefit choices and one monthly budget for the household.
The first conversation is free. If there is work worth doing after that, we will define the scope and cost before you decide whether to move forward.
Our offices are in Charlotte, North Carolina and Winter Park, Florida. We work with clients in Lexington primarily by video or phone. When an in-person meeting makes sense, we meet by appointment at the Regus center at 140 Stoneridge Drive in Columbia.
We work with clients throughout South Carolina. You can see the other South Carolina communities we serve here.
Our what we do page explains how a planning engagement works.
RETIREMENT ENGINEERING™
The Order Matters
Five retirement decisions and why timing matters.
Frequently Asked Questions
Can One of Us Retire Before the Other?
Yes. The plan shows what changes if one of you stops first, including health coverage, taxes and when each benefit begins.
Why Would Two Public Employees Want a Fiduciary on Their Side?
Holland Capital acts as a fiduciary when providing financial planning and investment advice. With two plans in one household, that means advice on both benefits and your shared savings together.
Our pay does not depend on the pension options you pick, and our fee is shown in writing first.
Where Do Lexington Clients Meet with Us?
By appointment at the Regus center on Stoneridge Drive in Columbia, about 20 minutes from Lexington.
Between meetings, we talk by phone or video.
Photo: Nicholemacgregor / Wikimedia Commons / CC BY-SA 4.0, cropped.
