Jeff & Amy JonesJanuary 2013
Jeff and Amy Jones, both 25, were recently married. Jeff works for an energy company, and Amy is a nurse practitioner. Neither have experience with financial planning. The couple would like to buy a house and hope to retire early.
Facts & Goals
- Young couple, recently married
Both work full time
- No experience with financial planning
- Would like to purchase a home and retire early
Analysis & Recommendations
- Jeff and Amy had an immediate goal of purchasing a home. After analyzing their combined household income and debts, we created a savings strategy to save enough money for a 10% down payment on a home within 16 months.
- We then focused on Jeff and Amy’s long-term goal of retiring at the age of 55. We analyzed each of their respective risk tolerances and designed an investment portfolio and savings strategy that put them in the position to reach their retirement goal. We also opened Roth IRA accounts for each of them to complement the amount they were each contributing to their employer-sponsored retirement plans.
- Amy had lost her father at a young age and was concerned about planning for such unforeseen circumstances. As neither Jeff nor Amy had engaged in any estate planning prior to becoming married, we were able to work with our estate plan network to find them an attorney who best suited their needs. Working in conjunction with their attorney, we drafted estate documents including revocable trusts, pour-over wills, advance medical directives and financial powers of attorney. We also provided the couple with an encrypted online vault where they could store their documents and access them from anywhere.
- After helping to create their estate plan, we analyzed Jeff and Amy’s employee benefits. As a result of the analysis, we purchased additional term life insurance and disability policies to enhance their existing coverage while also protecting them in the event that they changed jobs. We also titled their policies, as well as their financial accounts, to ensure they worked in concert with their estate planning documents.
- Because Jeff enjoys following the investment markets, we signed him up to receive our weekly market commentary and quarterly outlook publications.
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The scenarios presented here are for informational purposes only and do not represent the experience of actual clients. Individual results will vary and the outcomes described are not indicative of future performance or success.
While all client situations are unique, these case studies are intended to provide examples of how FirstPoint Financial advisors work with clients to find creative and effective solutions to each clients’ unique financial planning situations.