Laura S.
Case Study 01: AGE 54
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Profession: Physician's Assistant
Nearing Retirement
Primary Goal:
Consolidate investment accounts, mitigate taxes, create a reliable retirement income stream.
Background
As a Child she always wanted to be in the medical field and being a physician's assistant was perfect for her. She is getting ready to have a better work-life balance. Laura has 3 kids and 1 grandchild. She plans to step back from full-time employment in 5 years so she can spend more time with her grandchild.
The Challenge
She is nervous about the transition from full-time employment before 60 since her mom is still living and is 90. She would love to help fund her current grandchild and future grandchildren's college.
Questions that are asked:
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Can my savings last for 30+ years?
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Is working part time a good choice?
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Am I saving enough for my goals now?
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How do I keep my taxes low in retirement?
The Approach
She decided to work with a financial planner to navigate the many parts of her financial future, we worked to help her determine her priorities and identify what she was concerned about. As well as, simply her situation and help her sleep well at night.
The first step for Carol was to sit down with someone who would actually listen to her questions and concerns. She wanted to be heard and not sold to. There is an understandable mixture of excitement and uncertainty when it comes to a retirement transition. Once her goals were clearly documented; a personalized retirement plan that aligned with her values and priorities can be created.
The Results
Better allocate investments to fit her retirement timeline. Create a retirement plan that allows her to step back from full-time, but maintains flexibility for any future life changes. Starts a savings plan for her grandchild to help fund college, ultimately allowing Laura through planning better for her retirement and tax situation. Investing better with her current finances allowing her to live a better life now and in her future retirement. Plan better for retirement, invest better with her hard earned savings, Laura can live better with a more confident financial future.
