Starting with a financial plan
Our client, age 55, is a successful project manager for a construction company. When we first met her, she contacted us after she had sadly lost her husband. As a widow, it was important that she avoided financial mistakes.
Her husband was a successful physician who did a good job of saving for his family’s future. However, he handled all of their investments outside of our client’s 401(k). So initially she needed help getting up to speed so she could get organized again. She also wanted help determining how she could help save for her grandchildren’s college.
She owned her home but still maintained a small mortgage, and was wondering if she should sell and downsize or even move in with elderly mother to take care of her. She has two adult children with kids of their own. She wanted to retire in the next 10 years, and she had no idea if she is on track to do so.
Here’s how we helped. We started with financial planning. We sat down with her to learn about her goals, her dreams, her assets, and her liabilities. After a few detailed discussions, we got to work building her a financial plan. Once that was in place, it had her on track to retire in about 9 years.
We also helped her with managing financial details related to life insurance and the closing of her husband’s accounts. We took over the preparation of her tax return and helped her find ways to reduce her tax bill next year.
We worked with her to help her analyze whether she should stay in her home or sell (she ended up selling and moving to a smaller, newer home that required less maintenance). We also helped her create monthly financial goals and a budget so she knew what she was able to spend each month.
We set up college plans for her grandchildren and helped her navigate evaluating assisted living or age-in-place options for her mother. Now we meet with her three times per year and continue fine-tuning different aspects of her financial life. Recently we helped her establish another retirement plan to help shelter more of her income.
Actual performance and results will vary. These case studies do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted regarding your specific situation.