Jeff and Debra, Baby Boomer Couple
Jeff and Debra were considering retirement in two years and wanted to put together a game plan for the transition. Jeff is a salesman at a local plumbing supply company and Debra is a partner at a consulting firm. They had multiple life insurance policies and over 15 different financial accounts to be used for retirement. They were unsure of what insurance coverages they still needed and what they should drop. They also weren’t sure how much cash they should keep in the bank and wondered where was the best place to keep that cash to earn the highest interest without taking any risk.
We created a full financial plan for them that showed they were in decent shape for retirement. With a few minor tweaks to their portfolio and a smart Social Security claiming strategy they were in much better shape. We identified a strategy to save them over $1,300per year in taxes when paying for their regular medical costs. We recommended changes to their insurance policies that saved them over $1,400 per year in premiums. We implemented changes to their retirement savings strategy to save $2,000 per year in taxes and we maximized the efficiency in their portfolio by being smart about how we invested in different types of retirement accounts. We reduced the cost of their investment portfolio by over 50% by using low-cost mutual funds and getting them out of a very expensive annuity.