Case Studies
Have questions but all of my savings are in my 401k plan
Jeff, a 50 year old disciplined saver decided at age 33 that it was time for a career change. He was experiencing success in pharmaceutical sales but decided he wanted to pursue something more aligned with his interests and talents. Jeff’s career change required him to take a pay cut and move to a higher cost of living area. For a few years Jeff had to dip into savings to cover expenses until his income grew to a point where he could start saving again.
Time to sell the business
Mark and Janice recently received an offer they can’t refuse to purchase the home remodeling business they built together 30 years ago. The line of work was starting to take a physical toll on Mark so the offer was timely. Mark and Janice have three kids. One is still a dependent living at home and the others are married and doing well. Mark and Janice felt confident that they would pass some assets to their children but coming up with a specific goal was a low priority.
Preparing for retirement
Scott works for an insurance company and Melissa works as a middle school teacher. They have two kids that are both out of the house and financially independent. Scott and Melissa’s expenses have gone down now that their kids are out of the house so they are focused on accumulating wealth prior to retirement.
Recently retired
Dave and Cathy are no longer working, but not by choice. They decided a long time ago, after the birth of their third boy that Cathy would stay home with the kids and Dave would function as the primary earner by working to support the family. Dave was planning to work until he reached 65 so he didn’t have to buy private insurance before enrolling in Medicare. Unfortunately, Dave’s employer experienced difficulties during COVID which resulted in Dave and many others being let go.