Everyone loves paying taxes. I don’t know about you, but I regularly call up Uncle Sam and ask how I might be able to pay more than my fair share? Wait… no, that’s not right. So, let me tell you about a recent client case where such a scenario almost happened. Ms. Tessler, a delightful woman in her late 70’s, came to my office for consule. She was recently widowed, only a short time, and concerned that she may be...
Imagine this. A married couple enters the office. They are in their early 60’s and have only a few years before retirement. While the two have enjoyed their time working for the company, they were eager to retire and start traveling the world. Mr. and Mrs. Ross entered my office all ready confident in their retirement choices. Each had religiously contributed to their company’s 401(k) throughout the years and together had built up a respectable savings. They were referred to me,...
Do you have enough to retire? It’s a question many people ask themselves today. With more than 10,000 people retiring every day, in America alone, no wonder this is such a popular question. Lance and Lindsay were no exception. They had asked themselves enough, so they decided to come ask me. A decade away from their retirement milestones, the couple had many questions. They wanted to make sure they were on the right track. Lance and Lindsay were 55 and...
Imagine yourself working hard, putting your heart and soul into an organization, knowing it will pay off. You’ve saved it all for retirement; and now, you’re ready to be able to live comfortably and free during your ‘Golden Years’. Suddenly, the company goes through a restructuring and needs to downsize. Many jobs are cut and you are forced to retire several years before expected. After the shock wears off, a major concern pops up, “how much can I take out...
As advisors, once in a while we are introduced to a savvy investor who seems to have everything in order. This was the case with Dr. and Mrs. Moneyworthy. However, in using the SIPS Retirement Planning System, we discovered a few holes in their plan that would have ended up causing the couple to hit their fiscal cliff. Dr. and Mrs. Moneyworthy are intelligent people. He had been a doctor for several decades and had enjoyed great success in business....
Want a challenge? Try convincing a retiree to hold off on collecting social security benefits!!! This was my adventure, that I recently went on, with John and Kathy. John was a hard-working man. His wife, Kathy, was more than 10 years younger than he. Unfortunately he was the primary provider and was being pushed into an early retirement at the age of 63. The couple had a modest pension and was counting on social security to supplement their income. Unfortunately,...
Since the decline of pension plans, financial planning has gotten much more complicated. There are many factors that need to be taken into consideration and all of these elements can be very confusing. In the beginning of my career as a financial advisor, there were several cases where I had to ask myself, “What in the world is going on here?” And I know if, as a trained advisor, I was confused by the circumstances the client had to be...
Nearly 66% of all Americans will need some form of long term care (LTC) in the future; however, a majority will never purchase any sort of insurance. With nursing and other LTC costs sky-rocketing every year, many will have to use their entire net worth to pay for the services. This was just the case with Linda and Jeff. Linda had not only gone through the emotional turmoil of watching her parents weaken and need long term care but also...
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