Planning On Her Own
Laura WilliamsJanuary 2013
Laura is 50 years old and recently divorced. She owns her own business, but has never worked with a wealth advisor. She has a goal of retiring at age 60.
Facts & Goals
- Laura, 50 years old, recently went through a divorce
- Owns her own business as a management consultant, but has never worked with a wealth advisor as her former husband managed their finances
- Goal of retiring when she is 60 years old, but is concerned about running out of money during retirement
Analysis & Recommendations
- After doing a full analysis of Laura’s assets, we worked with her attorney to retitle assets that named her husband as the beneficiary. Laura and her former husband had no children, so it was important for her to name her niece and nephew, with whom she was very close, as primary beneficiaries of her estate.
- To bolster Laura’s retirement savings, we created a SEP IRA, which allowed her to maximize the amount of money she could invest for retirement on a tax-deferred basis.
After performing a risk tolerance analysis, we created a comprehensive investment portfolio that included the money she received in her divorce settlement, as well as her SEP IRA.
- As part of Laura’s financial plan, we created a cash flow analysis of her retirement based on her current savings and anticipated retirement spending needs. In an effort to provide Laura with more confidence in her projections, we provided several investment alternatives that we believed had the potential to provide her with a steady income stream during retirement.
- After the divorce, Laura had accounts at multiple different institutions. To assist Laura in monitoring her accounts, we utilized account aggregation software, which allowed Laura to view the status of her accounts across the different financial institutions, including her bank and investment accounts.
- Laura’s mother spent several years in a nursing home and she saw first-hand how expensive these facilities can be. To help protect her from these potential costs, we assisted Laura in purchasing a long-term care policy, which is designed to help pay the cost of assisted care should she ever need it.
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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.