Jack and Julie
a married couple whose kids are grown and financially independent, are planning on retiring in a few years
Jack and Julie are a few years away from retirement, and although there is some difference in their ages, they hope to retire simultaneously. Jack has worked for both the Federal Government and a state-run university, so he will receive two pensions in addition to the social security that they will both receive. Although Julie will not have a pension, she has saved aggressively in past years and will continue to save – albeit somewhat less aggressively – through retirement.
Jack and Julie believe that they are well situated for retirement, but they would like to better understand their financial position, and they have also prioritized survivor planning to confirm that they would both be fine should either pre-decease the other.
Financial Plan Outcome
As they suspected, Jack and Julie are in good shape for retirement, and after reviewing their plan results, they have begun to consider retiring earlier than they initially anticipated. They also have sufficient resources to financially weather a survivor situation, particularly if Jack receives an inheritance (as seems likely) from his father’s estate. Given Jack’s father’s long life, there is a higher than average chance that Jack will be long-lived, and if that is the case, it will be beneficial for him to delay taking social security.
Jack and Julie also completed a review of their other insurance coverages as well as their estate documents and existing portfolio allocation vs. the portfolio allocation used in the plan.
The retirement plan cost is $2200, and that included all work necessary to complete the plan as well as the two client meetings in which the plan was reviewed and discussed. Additionally, Jack and Julie had a few implementation questions after the final plan meeting that were covered in the fee as well.