Scenario 

• Recently widowed or divorced woman in her late 50s is now single and unsure about most aspects of her financial future
• Three grown children living across the United States

Financial Facts:

• Home value = $650,000 
• Mortgage  = $225,000 
• IRA = $438,000
• Other investments = $140,00
• Car loan = $8,000

Client Goals: 

• To stay in the family home and spend time with friends/ children and visit grandchildren as much as possible

Longevity Wealth Strategy and Recommendations (not all inclusive):

• Review debt and cash flow
• Review and realign assets with goals to allow for cash flow needs related to increased travel and possible educational support
• Ensure longevity plan is clearly outlined, with funding, then communicated with children
• Hold regular update meetings to ensure plan is on track and adjustments are made when necessary

Scenario: 

• Husband and wife are both working
• Each spouse has middle and high school children from a previous marriages
• Couple jointly owns land on a small lake that’s used for vacations

Financial Facts:

• Current home value (in husband’s name) = $515,000
• Mortgage = $308,000
• 401(k) accounts = $450,000 combined value
• Investment account (in wife’s name) = $240,000 
• Home Equity Line of Credit/Revolving debt (joint) = $33,000

Client Goals: 

• To accommodate their blended family by moving into a larger home in the immediate future
• To understand reasonable retirement date
• To plan for an option to build a smaller home on the lake property
• To help children with college
• To retire in their mid-60s or earlier, if possible

Longevity Wealth Strategy and Recommendations (not all inclusive):

• Understand income and cash flow needs in order to determine available resources for larger mortgage and possible vacation build
• Consider multiple retirement options with and without financial assistance for college, then realign 401(k) accounts to match goals
• Review all employer insurance benefits to ensure no gaps in coverage
• Give guidance on how to streamline budget and multiple bank accounts
• Review and recommend update to legal documents
• Hold regular update meetings to ensure plan is on track and adjustments are made when necessary

Scenario: 

• Single retiree successfully navigating retirement
• Currently very worried that there is not long-term care in place

Financial Facts:

• Home value = $840,000
• Mortgage = $0
• IRA account = $650,000
• Investment account = $475,000
• Other assets or debt = $0

Client Goals: 

• To live at home as independently as possible
• To not rely on two children for help while leaving a legacy for children and two charities

Longevity Wealth Objectives (not all inclusive):

• Consider current home environment and aging in place strategy
• Outline backup plan outside of home by visit a variety of retirement communities with varying support systems
• Outline proper structure of assets for future care needs, including tax implications of each
• Assist with family communications if/when necessary to ensure all family understands wishes and any questions or concerns are answered
• Hold regular update meetings to ensure plan is on track and adjustments are made when necessary

Scenario: 

• High net-worth family 
• One spouse in their late 50s has to change from high paying job to lower one
• Very concerned that the significant income loss will affect their plans to retire while healthy and maintaining the same lifestyle
• Second spouse has not worked outside the home in 25 years 
• One adult child and three grandchildren

Financial Facts:

• Home valued = $1.2 million
• Retirement assets and company stocks = $1.6 million
• Investment account = $660,000
• Little to no debt

Client Goals

• To continue to enjoy working while supporting lifestyle
• To reduce risk level of old 401(k) account 
• To provide financial support for elderly parent who lives nearby when necessary 
• To assess value of future sale of large home in 10 years and replace with a new home with possible second condo near child and his family
• To understand long-term care options in order to avoid pressuring child for help

Longevity Wealth Strategy and Recommendations (not all inclusive):

• Create cash flow and needs analysis
• Outline several retirement scenarios
• Reassess risk tolerance and then align assets 
• Consider diversifying concentrated position in past employers’ stock to reduce risk, and determine if tax consequence is suitable
• Evaluate long-term care options and draft a longevity plan
• Review current group employer benefits and need for continued medical insurance
• Begin search for future housing near son’s family while income is high and interest are rates low
• Hold regular update meetings to ensure plan is on track and adjustments are made when necessary

Scenario: 

• 63-year-old single individual recently inherited assets from their mother
• Does not understand how inheritance account is invested
• Unable to work due to health conditions
• Has substantial medical insurance expenses and unpaid medical costs
• Recently purchased a new car (paid in cash) with inheritance money
• Lives in a condo

Financial Facts:

• Mortgage = $107,000
• IRA account = $230,000 
• IRA distributions and Social Security benefits = $2,000/month

Client Goals: 

• To understand the financial impact of this gift on their future
• To understand home options (new home vs. other housing)
• To enjoy this gift while still providing a legacy for children and/or grandchildren

Longevity Wealth Strategy and Objectives (not all inclusive):

• Review current cash flow and medical needs, both pre-Medicare and post costs
• Outline a longevity plan for future short-term and long-term medical needs along with housing options and cost analysis 
• Determine wealth management strategy for inheritance and encourage updated legal documents to align with wishes
• Hold regular update meetings to ensure plan is on track and adjustments are made regularly