Emily has been working in marketing for over 20 years, while Brian has been a construction project manager for the same amount of time. They’ve recently become empty nesters, with both of their children now in college. They’ve saved around $500,000 in their 401(k) and $200,000 in a savings account. They’ve also been able to pay off their home mortgage.
Emily and Brian are thinking about retiring in the next 10 years and want to make sure they have enough money to support their desired lifestyle. They’re worried about the rising costs of healthcare, especially as they both have a family history of health issues. They also want to make sure they have enough money to support their children through college and perhaps even help with their first home purchase.
Emily and Brian sat down with a wealth advisor at Cetera Planning Partners who helped them create a custom retirement plan. The wealth advisor recommended they start saving more money in their 401k and also looked at ways to reduce their monthly expenses. They also discussed ways to save for healthcare costs and set up a college fund for their children.
The wealth advisor then helped Emily and Brian establish a plan for optimal Social Security benefits, which would increase their lifetime Social Security benefits by $92,000. Lastly, the wealth advisor provided investment recommendations to help them reach their retirement goals. With their custom plan in place, Emily and Brian are now confident that they will be able to retire comfortably in 10 years, while also working toward their family support and legacy goals.
