PLANNING SCENARIOS
Hypothetical examples of how we helped clients reach the goals most important to them.
Have we saved enough to have a comfortable retirement?
George and Michelle
Goals and Dreams:
• George and Michelle have been talking about wanting to retire early for years now. They both are at the pinnacle of their careers and have been diligent savers.
• Want to retire at age 62
• Their dream is to retire and have a place in Arizona.
Background:
• George and Michelle are in their mid 50s.
• They have consistently put away 15% of their income from the start of their careers.
• Since their home is paid for, they wanted to know, “Can we afford to have a 2nd property in Arizona to spend winters?”
Planning Opportunities:
• Making their money last since they want to retire early.
• Factor in healthcare costs until clients are eligible for Medicare.
• Implications of buying a condo in Arizona.
“We have never used a financial advisor before."
Goals of Dave and Jenny:
• Get a better understanding of where they stood and available strategies to help them retire comfortably.
• Dave and Jenny wanted to understand the value of a financial advisor and determine if they needed help.
• Find someone they could trust to help plan for retirement in 10 years.
Background:
• Dave and Jenny both worked in the corporate world for the majority of the careers
• They haven’t needed a financial advisor because they have only saved in their 401(k)’s
• They want to maintain their lifestyle in retirement.
• They both want to travel to see their kids because 2 of their 3 children live in different states
Planning Opportunities:
• Discuss tailored strategies that make sense for their particular situation.
We discussed the Vanguard Study that quantifies the value of using a financial advisor.
• Minimize risk since they think they have enough money to retire comfortably.
• Understand the service and experience they can expect as a client.
“We have saved since we both started in our careers, have many different investment accounts, but don’t know where we stand and feel unorganized.”
Craig and Melissa’s Goals:
• Get a clear picture of how all their investments look together.
• Craig and Melissa have many different investment accounts at different brokerage firms and Craig has an old 403b he is not getting advice or help on.
• Looking for guidance and help now to see where they stand and what things need to be done to retire early at age 60.
• Have someone they can trust to guide them to and through retirement
Background:
• Craig and Melissa both worked in the education world their entire career and have been diligent about saving
• They haven’t needed a financial advisor because they have only saved in their 403b plans.
• They want to maintain their lifestyle in retirement and travel.
• They have 3 children and their parents are living with them because of needing care and assistance.
• Giving to their church is important to them.
• Melissa is fortunate to have a teachers pension which will give her an extra secure income in retirement.
• They currently have not done any estate planning and don’t have an active living will.
Planning Opportunities:
• Helping Craig with his old 403b Plan by discussing the advantage and disadvantages of rolling it over to an IRA.
• Looking at the mix of investments they currently have versus what we would suggest for someone with their risk tolerance and stage of life.
• Getting a clear picture of the different options on Melissa’s teachers pension at different retirement dates.
• Discussing social security strategies for retiring early.
• Talked about the risk of an expected medical expense later in life and the impact to their financial plan
*Disclaimer:
The above hypothetical examples are of how we have helped families get a clear picture of whether they are on track to reach their most important goals. They should not be construed as financial advice for your particular situation.