Note: These case studies are hypothetical and do not involve any real Alchemy Wealth Management clients.
This is not tax, legal or investment advice and should not be construed as such.
- Name: Robert & Jessica
- Age: 61 & 58
- Occupation:High School Teacher & ER Physician
- Income: $465,000
- Retirement Savings: $1,400,000
- Debt:None
About:
Robert and Jessica are about 5 years out from retirement. They have managed to become debt free and are looking forward to traveling more. They are not 100% confident that they have enough saved to maintain the lifestyle they have come to expect and they need some help ensuring that their retirement plan is on track.
Goals:
Robert & Jessica want retire when each turns 65 years old respectively. Retirement for Robert & Jessica will include frequent international travel. They have not been able to travel as much as they hoped due to work so they plan to make up for lost time.
Challenge:
Almost a million and a half dollars sounds like a lot of money to Robert & Jessica, but they really don’t have a clue how much that is in regard to retirement savings. They spent almost $300,000 last year and their basic math tells them at that rate they have less than five years of retirement savings. They had a conversation with another couple about their finances and Robert & Jessica learned they have more than double what their friends have saved. Their friends insist that they have enough saved to retire. Neither Robert nor Jessica have conviction in their retirement plan, or lack there of, and want to take steps now to ensure their financial freedom while they still have a good income base.
Results:
Robert & Jessica partner with a Fee-Only Fiduciary Financial Advisor at Alchemy Wealth Management.
Together, with their Financial Advisor, they document specific retirement goals. With the help of their Advisor, they develop a comprehensive financial plan. Robert & Jessica now have all the information they need to make informed financial decisions. Armed with this knowledge, they decide to increase their retirement savings rate and push their retirement out by one year. These small tweaks help to ensure they can live the retirement they have been dreaming about.
Most importantly Robert & Jessica now has peace of mind that they are on the right track to accomplish their financial goals.