Educating educators:
Jane is an educator. For years she has been contributing to the 403(b) offered through her district. After speaking with us, she became aware that she had multiple investment vendors available through her school district. We educated her on the potentially high fees charged by some of the vendors which the district offered and were able to offer assistance with an investment vendor approved by her school that better suited her goals and objectives.
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Approaching retirement:
Based on his years of service at his company, it is conceivable that Jim could retire in his mid 50's. Jim will face decisions on how best to invest his 401(k) and pension plan. Jim wants these assets to be well-managed and distributed to him in a tax-efficient way. Jim's world is filled with terms like 72t, NUA, asset allocation, 20 year certain, pop-up options. He wants someone to simplify retirement.
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Surviving spouse:
Recently widowed, Bonnie has questions about how to invest her deceased husband's 401(k). Should she roll it over to her IRA? When can she draw from it? How much can she take out? What is a suitable allocation for her age bracket? Bonnie has a basic understanding of markets, stocks, bonds, and mutual funds, but her husband handled the investment accounts. As a surviving spouse who is in very good health, Bonnie is hopeful that her financial needs will be met for many years and that she will be able to leave an estate for her children and grandchildren. Bonnie feels her assets should be managed professionally by a third party.
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Consolidating finances:
Ted Jr. recommended his parents Ted Sr. and Dorothy meet with us. They are getting older and they feel pretty comfortable with the assets they have accumulated to support their retirement needs. They would like to work with an advisor who can help them consolidate their multiple accounts and develop a tax-efficient plan for distributing money to them to support their lifestyle. These two grandparents also talk about providing some of the monetary support needed for their grandchildren's college expenses. Ted Jr. feels that because his parents' assets are scattered, they are being underserved and could benefit from a more holistic approach.
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College tuition costs and financial aid:
Bob and Jeanette's oldest child Jill is a Junior in High School. Thoughts of college admission, financial aid, merit awards and tuition bills occupy their thoughts. Terminology like EFC, profile school, FAFSA, Stafford, PLUS, 529 are confusing. Their goal is to support their child's education goals without drastically compromising their retirement goals. They are looking to receive as much merit and financial aid as they deserve and wonder if there are strategies they can implement today to better position themselves for this daunting expense.
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A growing business:
Mike and Matt work hard at growing their business. Before long, they realize that they should be thinking of a properly funded buy-sell agreement, and disability buy-out insurance. As the number of employees increase they recognize the need for an employee retirement plan that fits their company and will allow them to retain good employees. The price of health insurance continues to rise, and they always have their ears open on how to better manage this expense.
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