As a fiduciary financial advisor in Newport News, Holland Capital helps long-tenured shipyard employees compare their pension choices, their 401(k) and possible retirement dates in a fixed-fee written plan before any money moves. We work with Newport News clients by video and phone, and sit down in person by appointment at the Regus center at City Center.
Decades at the yard. A pension election ahead. A 401(k) built one paycheck at a time.
Newport News has about 183,000 residents, and Newport News Shipbuilding employs about 25,000 people. Fort Eustis, Riverside and Christopher Newport University are also part of the local economy.
Near the end of a long shipyard career, several decisions arrive together. The pension paperwork lists choices, and the 401(k) has its own options. The retirement date affects both. A written plan for a fixed fee lines them up before you sign anything, without asking you to move a dollar. Before you take advice from anyone, ask if they are a fiduciary and how their compensation works.
Reading Your Pension Paperwork Together
We start with the documents your plan sends you: the benefit estimate and the list of choices it offers. We do not assume what those choices are. Our defined benefit pension plans guide explains how these pensions work in general.
Testing Retirement Dates
We compare two or three retirement dates. For each one, we show the pension estimate, the 401(k) balance, when Social Security could begin and what the household spends.
Virginia does not tax Social Security. Pension and 401(k) income is generally taxable in Virginia when federal adjusted gross income includes it, though a state subtraction can apply in some cases. Each date is shown after estimated tax.
RETIREMENT ENGINEERING™
The Order Matters
Five retirement decisions and why timing matters.
Fitting the 401(k) Around the Pension
How much the pension provides each month helps determine how much the 401(k) and other savings need to provide. We plan the two together. Our retirement planning page describes the wider process.
When Something Does Move
Nothing moves until you decide it should. If you later want us to manage a rollover or other savings, investment management is a separate step, anchored to a written investment policy statement.
How We Work with Clients in Newport News
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 your latest pension benefit estimate and any election paperwork, a 401(k) statement, your Social Security statement and your monthly household spending.
The plan comes in writing, for a fixed fee we settle before the work starts. You may act on it yourself, through an advisor you already know or with our help.
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 Newport News primarily by video or phone. When an in-person meeting makes sense, we meet by appointment at the Regus center at One City Center, 11815 Fountain Way, Suite 300.
We work with clients throughout Virginia. You can see the other Virginia 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
When Should a Shipyard Employee Compare Pension Choices?
A good time is before any election paperwork is due and before a retirement date is set. Starting early leaves room for questions to the plan administrator.
What Does a Fiduciary Financial Advisor Do Differently with a Pension Decision?
Holland Capital acts as a fiduciary when providing financial planning and investment advice. With a pension decision, that means our comparison favors whichever choice fits your household, including one that leaves no money for us to manage.
You agree to a fixed planning fee before we start; investment management later has its own fee, which we lay out ahead of your decision.
Where Would We Meet in Newport News?
We meet by appointment at One City Center, 11815 Fountain Way, Suite 300, Newport News. Most of the planning takes place by video or phone, around shift schedules.
Photo: Smash the Iron Cage / Wikimedia Commons / CC BY-SA 4.0, cropped.
