Chris and Sarah
Case Study #3
66 & 65
Develop a purposeful plan to leave a financial legacy for their children and grandchildren while maintaining their travel lifestyle.
Chris and Sarah have been retired for ten years. They live off of Chris's pension and spend most of their time traveling the country in their RV.
Since they've never touched their other retirement investments, two rollover IRAs, the accounts have continued to grow. They never thought they'd call themselves millionaires, but they are well into that category now.
Chris and Sarah know they can't travel forever, but they are still in great health s0 they plan to for the foreseeable future.
They aren't sure when they need to start collecting their social security benefit and they aren't sure what to do with the assets they've accumulated.
Maintain a travel lifestyle.
Develop a financial legacy plan.
Reduce long-term tax liability.
Successfully navigate the complexities of Medicare and Social Security.
It was important to help make Chris and Sarah's retirement and legacy planning process easy and enjoyable.
Working together with Chris and Sarah's estate planning attorney, we created a complete estate plan including:
Updated wills and powers of attorney.
Updated living wills and health care proxies.
A revocable trust to control the passing of assets after death.
In addition to the estate plan, a comprehensive plan was created to meet all their needs:
A Roth conversion strategy to reduce long-term tax liability and reduce future Required Minimum Distributions.
A social security income strategy.
A Qualified Charitable Distribution strategy.
Reduced investment costs.
Improved asset allocation to better align with their goals.
Long term care strategy to ensure their medical needs were taken care of.
Being able to see and understand their financial plan gave them a lot of confidence.
Chris and Sarah were able to continue living the life they loved knowing that their future was in good hands.
Note: The above case study is hypothetical and does not involve an actual client of Forward Focus Financial Planning. None of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if Forward Focus Financial Planning is engaged to provide financial planning and investment advisory services.