01 Oct Brian (Ex-Husband) Died two years ago at age 64 Brian was Jamie’s best friend, even after their divorce. My ex-husband and I both came from very humble beginn
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Jamie – Age 62 Occupation : Paralegal Education: Bachelor of Science – Theatre Arts
Brian (Ex-Husband) – Died two years ago at age 64 Brian was Jamie’s best friend, even after their divorce.
“My ex-husband and I both came from very humble beginnings. We were married many years but decided to divorce in 2021. It was a mutual decision and we remained great friends. Because we systematically built our retirement assets together over the course of three very frugal decades, we decided to leave our assets to each other in our wills. Six months after we divorced, my ex-husband died unexpectedly. He never got a chance to retire, despite being a man who started working on his family’s farm at the age of 9 and subsequently became a man who worked harder than anyone I’d ever known.”
Four Adult Children (in their early 40s) Two are from Jamie’s previous marriage. Two are from Brian’s previous marriage.
One Grandchild ($6,000 529 account + $1,000/yr. contributions) + one on the way
Jamie’s parents are deceased.
Qualitative Information and Unique Planning Objectives
· Jamie wants to retire anytime between now and age 65 (within 3 years)
· She values travel.
· She lives in a “great walkable neighborhood in a very interesting, vibrant city. I love walking around in the city and having mini-adventures, as I’m curious and easily entertained.”
· Lifestyle: Health, exercise, travel, continuing education, gardening, reading, enjoying the seasons, brunch with friends.
· “I love life: I have been very fortunate.”
· She is active in the local theatre scene (as an actor) and wants to learn how to paint.
· “I’d like to travel to Europe and the American Southwest. I want to rent a convertible and drive down the Pacific Coast Highway (CA). I’d like to take a train through the Canadian Rockies. I want to see the Florida Keys and New Orleans. I want to take my grandchildren on some of these excursions before they no longer think I’m cool.”
· “I would like to know if I have enough to fund my financial goals through the end of my plan, whether my current allocations make sense from a tax-efficiency standpoint, and how to structure my withdrawals.”
· “As for me, I grew up incredibly poor – no medical care, no gifts at Christmas poor.”
· “My natural inclination is to save; I have found the wealth-building phase of my life reassuring and straightforward (if not always undertaken correctly). My issue is that, because of my ex-husband’s untimely death and the money I inherited, I feel very strongly that I need to be a faithful steward of the money, leave a legacy for our children, and loosen the purse strings enough to spend at least a little bit of the money I’ve worked so hard to save on something more than mere survival. I have an emotional need to honor what he built and give all those years of doing without in the name of “someday” – a someday that never came for him.”
· “As a result, I vacillate between worrying that I don’t have enough saved to safely retire and being fearful that if I wait too long, I will not live long enough or be healthy enough to truly enjoy all we worked and saved for.”
· “I have worked with 3 different financial advisors. 2 are available to me any time and are provided free of charge through my company’s retirement savings plan. The other was a task-based planner I hired to review my plan last year. I also have a knowledgeable friend who stepped in when my ex-husband died and has been instrumental in getting my accounts organized. He has done a great deal to help and educate me. I also listen to many podcasts about retirement and a member of several Facebook groups.
Gross Income = $63,000
· Jamie is employed part-time and saves most income into her Roth 401(k) = $30,500
· She lives off the Fidelity money market fund (Brian’s $248k life insurance proceeds) within her taxable brokerage account. She transfers ~$3,000/mo. to her checking account, plus any extra for trips, etc.
· She distributes her inherited RMDs (Eligible Designated Beneficiary – over her own lifetime – /24.4 in 2024) and reinvests them. She has historically used the Roth RMD to “fund” her own Roth IRA.
Social Security Earnings Since: <1980 Years of Earnings: 44+
Jamie is also eligible for Survivor’s Benefits on Brian’s record = ~$36,000/yr. at age 67
Living Expenses = ~$60,000 (~$5,000/mo.)
Insurance
Jamie has group term life insurance ($150,000), health insurance (low-deductible), and disability insurance (60%).
Long-Term Care Insurance: None
Real Estate = $612,000 (will become $265,000)
Primary Residence = $612,000 Details: 2 bed / 2 bath / 1,600 sqft. Year Purchased: 2015 (jointly with Brian) Purchase Price: $372,500 Property Tax: $8,600 Jamie is selling this house (for $612,000 – net $570,000 tax-free sale) and buying a new house with cash (split with her partner $265,000 each). She will net ~$286,000 to invest within her taxable brokerage account.
New House = $530,000 (50% is $265,000) 3 bed + 1 office / 1.5 bath / 2,200 sqft. Walkable to downtown, near water Property Tax: $6,900 (also split 50/50) Jamie is purchasing this house with her partner.
Debt = -$19,227 (will become $0)
Primary Mortgage = -$19,227 PI Payment: $815.06 + $34.94 additional principal = $850/mo. = $10,200/yr. TI Payment: No Escrow Monthly Payment: $815.06 (she pays $850) Interest Rate: 3.3%
Investments = $1,511,000
Taxable (22%) = $329,000 (3/52/25/20) Pre-Tax (49%) = $745,000 (53/1/45/1) Tax-Free (29%) = $437,000 (99/1/0/0)
Total Allocation: 55% US Equity, 12% Non-US Equity, 28% Fixed Income, 5% Cash
Checking/Savings: $9,000
Taxable Brokerage: $320,000 44/56 53% Foreign Stock, 26% Treasury Bills ($85,000), 18% Cash ($59,000), 3% Tech Stock Dividends are not being auto-reinvested.
Current Traditional 401(k) = $49,000 100% Large Blend
Old Traditional 401(k) = $42,000 100% Large Blend
Old Traditional 403(b) = $17,000 Jamie worked as a teacher for 3 partial years. She is not eligible for the pension.
Traditional IRA = $308,000 100% Large Blend
Inherited Traditional IRA = $329,000 98% Intermediate Bond, 2% Cash ($5,000) Jamie inherited this from Brian. Dividends are not being auto-reinvested.
Current Roth 401(k) = $152,000 100% Large Blend
Old Roth 401(k) = $58,000 100% Large Blend
Roth IRA = $83,000 100% S&P 500 2024 Contribution: $8,000 (maximum)
Inherited Roth IRA = $144,000 99% Large Blend, 1% Cash ($2,000) Dividends are not being auto-reinvested.
W-2 Wages: $61,000 Non-Qualified Dividends: $5,800 Qualified Dividends: $4,200 Net Capital Loss: -$400 Standard Deduction: -$13,850 Taxable Income: $70,000 Energy Tax Credit: $1,200 (maximum) Total Tax: $8,700 Withholding: $11,400 Refund: $2,700
Taxes were self-prepared.
Estate Planning
All documents were drafted, including successor agents, etc.
MTP Meeting Notes
Financial History:
Family History:
Retirement Challenges:
Beliefs/Mindset:
Housing Decisions:
Hobbies/Interests:
Family Legacy:
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Earnings Statement
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Period Beginning: 04/01/2024 Period Ending: 04/15/2024 Pay Date: 04/15/2024
$122 13
this period year to date
JAMIE Filing Status: Single/Married filing separately
19 207 28
Exemptions/Allowances:
-258 57 2 065 94
Checking -122 13
Federal: Standard Withholding Table,$50 Extra Withholding
$2 567 41
Net Check $0 00
Excluded from federal taxable wages
rate salary/hours this period year to date
Your federal taxable wages this period are
35 1700 71 75 2 523 45 17 753 44
$2 426 86
this period total to date
35 1700 1 25 43 96 43 96
Other Benefits and
00000000000
615 36
12 54 98 34
500 00
73 00
140 68
12 868 88
Regular Closing Double Time Healthy Living PTO Overtime 153 84
143 71
Gross Pay
-151 24 1 132 35 GTL
Total Hrs Worked Combined 401K Dental Medical 667 35
-35 37 264 82 -111 74 851 07
04/15/2024
-5 47 -20 19 141 33
BASIS OF PAY: SALARY
Statutory Federal Income Tax Social Security Tax Medicare Tax State Income Tax
-20 53* 143 71
xxxx
-6 99
Taxable Marital Status: ST: Single
-31 25* 218 75
Advice number:
xxxx
-87 05* 667 35
Pay date:
-1 720 16 12 868 88 -1 72* 12 04
-30 00
+5 00
$122 13
Accident Insurance Additional Life Ins. Dental Hospital Confinement Medical FSA Medical Roth 401K Vision Wellness Credit
Wellness Credit
Net Pay
MEASURE TWICE PLANNERS
Deposited to the account of
JAMIE