Molly and Peter both age 63 were concerned about replacing income after their last pay checks, making their savings last up to 30 years and managing market volatility.
Key questions from them:
We sat down with Molly and Peter and discussed all of their concerns in detail. They provided us with copies of their investment account statements, their outstanding debt amounts, Social Security benefit statements and an old pension Peter had from a prior job. We asked them plenty of questions to get a thorough understanding of their goals, plans, comfort level with risk, and their attitudes about retirement. It was important that we talked about their lifestyle and the amount of money they needed to “live the life they wanted to live” in the future. These were the takeaways:
We strive to provide a valuable experience when outlining the retirement planning process. By addressing key questions, we strive to help family members understand each other’s concerns and strengthen relationships.
Back Cove Financial and Commonwealth Financial Network does not provide legal or tax advice. An estate plan is implemented only in coordination with a client's attorney and/or accountant
Actual performance and results will vary. These case studies do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted regarding your specific situation.