Preparing for Retirement

February 25, 2016

Planner: Michael

Problem: She was closing in on retirement and wanted to know how to best prepare so that she was able to live comfortably.

Suggested Action Steps: We discussed maxing out her 401k, analyzing her spending to see where the money is going, and getting an estate plan prepared. Then we visualized what retirement would look like and put together a dreams list.

Results: She increased her 401k contribution to the maximum, including the catch-up contributions.  She used the legal benefits offered as a voluntary benefit to have an estate plan prepared.  And, she started to track her expenses closely to see what could be reduced or eliminated in retirement.  She admitted there was a lot of “fluff” in her budget that would go away now that it was time to get serious.

Testimonial: “First time living with an actual budget, I am amazed at money spent unwisely or on items not needed.” – Anonymous

Eliminating Debt

February 25, 2016

Planner: Bruce via 1 on 1 Consultation

Problem: She wanted to get a better understanding of the DebtBlaster calculator and get guidance on paying her highest interest cards by using extra money from her raise.

Suggested Action Steps: Suggested checking in with her bank to see if they could offer her a loan/balance transfer to lower her interest rates. We also discussed contributing more to her high interest credit card debt (due to her raise).

Results: Once she prioritized her debt from the highest interest rate to the lowest, she reviewed her budget and found extra money that she applied to the highest rate card. Based on her new situation she would have been able to be out of debt 3 years earlier than what she was doing. She also took the step of looking for an opportunity to consolidate her debt into a lower interest rate which will further reduce the amount of time to pay down her debt.

Testimonial: “After talking with the planner, I have a plan for getting rid of the balances of 2 credit cards very quickly.  One of his suggestions led me to my bank which led me to being able to completely clear my consumer credit. Thank you, thank you, thank you!!!!!  I can breathe freer now!” – Anonymous

Contributing to a 401k

February 25, 2016

Planner: Kelley via Financial Helpline

Problem: She wanted to know how much she should be contributing to her 401(k) and how it would affect her paycheck.

Suggested Action Steps:I suggested she run a retirement calculator

Results: After running the retirement calculator, she increased her deferral rate by 4% in order to be confidently on track to retire when she wants to.

Testimonial: “It was a pleasure speaking with you over the phone in length about my financial plans! You offer great tools and advice, and I feel much more confident about my retirement plans now that we’ve discussed them. Thank you again for all of your help in the past week, I’ll be sure to reach out to you should I have any further questions.” – Anonymous

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Drafting a Trust

February 25, 2016

Planner: Kelley via Financial Helpline

Problem: She needed a special needs trust drafted for herself due to chronic illness.

Suggested Action Steps: I sent her a list of attorneys in her community curated from the local Bar association and Estate Planning Council with a recommendation that she interview the top three.

Results: She found an attorney to draft the trust, giving her peace of mind going forward.

Testimonial: “Thank you so much for all the research you did on my behalf, and for the gold mine of information you sent to me.  It is apparent you went above and beyond to investigate my inquiry.” – Financial Helpline Caller

Running a Retirement Estimator

February 25, 2016

Planner: Linda via 1 on 1 Consultation

Problem: He was looking forward to retiring in the next 4 years, and wanted to make sure he was on the right track.

Suggested Action Steps: We ran a retirement estimate, discussed maxing out his 401k, and opening an IRA for his wife who works part time.

Results: After two more financial coaching sessions, he felt confident that he was ready to retire at the end of 2015, two years ahead of schedule.

Testimonial: “Most of my plans were already in effect and the consultation confirmed that it is heading down the best possible route.” – Anonymous