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Case Study 4

Young Couple, Sam & Sarah

Sam & Sarah starting working with us to begin saving for retirement since they both have careers that don’t offer an employer retirement plan. We started identifying their short term family & financial goals along with their long term goals for retirement age, retirement spending and dreams & major purchases. For the last few years they have been investing their monthly contributions to their Roth IRA accounts diligently.

This past year they got their wish to start a family and became pregnant and of course everything started to change. Their annual Family Wealth Planning meeting required a different approach as we had several items to discuss: They need to increase their life insurance, they need to think about starting a college savings account, they need to think about who will be a guardian for their child if something were to happen to them and they need to contact an attorney to get their Will, Living Will, Health Care Directive and Power of Attorney documents completed. Plus, based on their savings plan this year was the optimal time to increase their savings to their Roth IRA.

Sam and Sarah are now starting to discover the fight for every dollar of income they earn. They need their income to accomplish the following: provide for their new baby, save for retirement, save for a college education, maintain their emergency savings, pay for life insurance premiums and continue to pay their existing expenses.

To date they have increased their life insurance, they have increased their IRA contributions and have contacted an attorney to do their estate planning documents. The college savings account will be opened later in the year.

This case study is a hypothetical demonstration of our planning process and is for illustrative purposes only. It is not intended to infer any particular client outcome.

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