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Planning for Retirement  Case Study

Rob’s Story

Rob had hardworking parents and was able to work his way up in a local construction firm into the senior vice president level. He’s enjoyed a high-earning salary in the past few years, and his wife started working full-time again after their three children were in school. 

He’s regularly put funds into retirement accounts and has some additional investments, as well as an employee stock purchase plan from his job. 

His oldest child is in college, and his two younger children are in high school. He’d like to be sure he can provide some support while also seeking to reach his goal of retiring in ten years. In thinking about planning for retirement, he’d like his mortgage to be paid off and wants to make sure his savings and his family are protected to meet their needs in the future.

Needs: 

  • Wants to make sure he and his wife are on track to retire in 10 years
  • Would like to be debt-free, including mortgage, by retirement date
  • Confirm family’s income and assets are protected to mitigate risk with legal documents and insurance
  • Know that small inheritance from father will be managed well and grow
  • Discuss costs of higher education for three children and plans for paying these expenses
  • Understand what funds can go where on a monthly basis to support reaching his financial goals
  • Learn more about the type of investments he has and how they are managed

    Rob’s Needs

    Rob wants to be confident that he and his wife can retire and spend their time as they’d like, feeling comfortable with a mortgage paid off and knowing their savings is on track. He has questions like: 

    • How much money should I be putting regularly into retirement and investment accounts, and how should those accounts be invested?
    • What kind of role does my employee stock play in my retirement plan?
    • How can I accelerate paying off my home while keeping my retirement plans on track?
    • What level of support can I provide for the education of my three children?
    • Are the funds I inherited protected well? and how can I make sure they’re available to continue to help my family?
    • What risk do I have and how can I focus on preparing for the future?

    Rob’s Plan

    When Domani Wealth meets with a possible new client for the first time, we make sure we are listening to the concerns and situation of the person. We want to hear about your goals and what you’d like to accomplish. 

    After listening to details and thoughts from someone like Rob, information can be gathered to help build a customized financial plan. The recommendations within to help with planning for retirement might cover: 

    • Savings and cashflow plan to pay off his mortgage
    • Maximizing contributions to retirement plans, including catch-up contributions
    • Aligning an estate plan with a documented Will, Power of Attorney, and Healthcare Power of Attorney
    • Seeking to maximize a Health Savings Account to offset medical expenses in retirement. 
    • Diversification in his investment accounts and alignment with his risk level 
    • Reducing risk through disability insurance
    • Documentation of goals and timelines

    With a plan laid out specific to Rob and his family’s needs, they could continue to work toward their goals for his future retirement feeling peace of mind.

    Note: The above case study examples are hypothetical and do not involve actual Domani Wealth clients. No portion 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 Domani Wealth is engaged to provide investment advisory services. To the contrary, there can be no assurance that a client or prospective client will experience a certain level of results or satisfaction if Domani is engaged, or continues to be engaged, to provide investment advisory services. A copy of our current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request or at this link.

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