Married couple in 5 years into retirement
Background:
Jim and Jane have been married for 40 years and have been retired for 5 years. They have 3 adult children and 3 young grandkids. Their main source of income is Social Security and Jane’s pension. They wish to pay for their grandkids college and plan a large family vacation. They are concerned that one of the grandchildren might not go to college but still want to put money away for his future. They are also concerned about pulling additional funds from their accounts to pay for a family vacation.
Recommendations:
A cash flow and education analysis would be prepared for Jim and Jane. We would analyze how much future college costs would be for the grandchildren and when they would need to make those funds available. A review of the different college savings and minor accounts would be done to analyze the advantages, disadvantages, and tax implications each account has for each grandchild. Based on how much Jim and Jane are estimating their family vacation to be, we would analyze the additional funds needed to be pulled from their investment accounts and the most tax advantageous accounts to pull the funds from.
Late 50s/Early 60s wanting to retire in the next couple of years
Terry and Tammy are empty nesters who are wanting to retire in the next couple of years. They each have 401(k)s at their current employers and Terry has a pension. In retirement, they would like to do some overseas traveling and purchase a beach house for them and their children to enjoy. They are concerned about medical expenses since they are retiring before they are eligible for Medicare, which pension benefit they should choose, and how their travel expense and vacation home will affect their portfolio long term.
Couple in early-mid 30s with kids
Matt and Mary are married and just had their 4th child. Matt and Mary have decided that it would be best for Matt to continue to work, and Mary to stay at home with their young children. Matt and Mary have old 401(k) accounts from previous employers that they are unsure what to do with. Matt is contributing the maximum amount to his new 401(k) but would like to look at other investment accounts to contribute too. Matt and Mary are also concerned about making sure they and their children are financially secure if something were to happen to one or both.
Mid-late 20s and recently married
Jake and Jessica have been out of school for about 5 years and are recently married. They have student loans that they make monthly payments too. They also both work full time and are contributing to their companies’ 401(k) plan. Their parents helped them pay for some of their wedding, but they do have credit card debt that has built up. Jake and Jessica are needing guidance on their monthly budget and where to start saving money for their futures.
Married couple in 5 years into retirement
Jim and Jane have been married for 40 years and have been retired for 5 years. They have 3 adult children and 3 young grandkids. Their main source of income is Social Security and Jane’s pension. They wish to pay for their grandkids college and plan a large family vacation. They are concerned that one of the grandchildren might not go to college but still want to put money away for his future. They are also concerned about pulling additional funds from their accounts to pay for a family vacation.
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