|
Mid-Level Executive Pre-Retiree
Andrew, 62, a software product manager, was close to retirement and had a significant balance in his 401(k). His wife, Mindy, 60, worked part-time and hadn’t saved much. How best to manage their nest egg?
At a free consultation with TR&R, Andrew learned his 401(k) portfolio was overly concentrated in his company’s stock and in other technology shares. He engaged TR&R, and we recommended Andrew convert his 401(k) assets to an IRA with many more investment options. Mindy and Andrew also received a detailed plan for funding their retirement goals through age 85.
Mid-50s Pre-Retired Couple
Tom, 55, who owns a pharmacy, and his wife, Sarah, a 52-year-old schoolteacher, are starting to worry about their retirement. Though they had put two children through private colleges and one through law school, they’d saved little for themselves. While Tom and Sarah earned more than $250,000 a year, they spent it all. Apart from Sarah's retirement plan at work, they hadn’t set aside a nickel toward retirement.
TR&R created a detailed cash flow plan showing the couple their projected expenses through age 80 and a plan for saving the money needed to fund those outlays. While a bit scary, this gave them a goal. TR&R recommended Tom set up a defined benefit plan in his business to quickly amass large, tax-deferred savings, and showed him the benefit of working part-time till age 68.
Previously Self Managed Investments
Jeff, a 61-year-old eye surgeon, enjoyed managing his own portfolio. But after the bear market of 2001, Jeff was no longer able to generate returns like those he earned during the 1980s and 1990s. And after he took big losses, Jeff’s wife began second-guessing his investment decisions.
Working with TR&R, Jeff now feels more comfortable about how his money is managed. He’s free of the angst of buying and selling at the wrong time, and he and his wife no longer have tense conversations about their portfolio. They use their free time to see their grandchildren more often.
Widow
After 40 years of marriage, Jennifer recently lost her husband, and now she must supervise the finances her husband managed. While grieving over her loss, she must track down details of her late husband’s accounts and make decisions she never before faced. And she is concerned about how she will meet her expenses.
TR&R took an interest in helping Jennifer, and making her see how she can meet her expenses. She has built a relationship with an advisor who listens before giving her any advice. Having the details of her financial life explained in layman’s terms made Jennifer’s time of sorrow less stressful. Knowing that she has a trusted advisor she can rely upon, has given Jennifer comfort at a vulnerable time.
|