Time for College
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Case Study #2: Tim and Jill
Age: 53 & 50
Primary Goal: To prepare their finances to pay three college tuitions without sacrificing their retirement savings.
THE CHALLENGE
Tim and Jill have three teenagers who are all in high school.
With their oldest applying to colleges and two more close behind, they know they likely have significant tuition costs coming their way.
The problem isn’t that they’re facing a major savings shortfall.
They each earn a six-figure income in their respective careers; Tim is a sales executive and Jill is a pediatrician. Plus, they recently inherited just under half a million dollars from Jill’s mother.
But as their financial lives become more complex, they now have more questions than answers:
- “Have we saved enough money to pay three college tuitions at the same time?”
- “Can we still retire when we want to, and will we have adequate financial resources to live comfortably?”
- “Can we still spend money on things we enjoy today?”
- “Should we be doing anything differently?”
Tim and Jill no longer feel confident managing their own finances. They’ll admit … they don’t know what they don’t know.
With their financial future and their children’s education hanging in the balance, they want to partner with an expert who can help them prioritize their goals and make the best decisions for their family.
THE APPROACH
While their net worth has grown significantly over the years, Tim and Jill no longer feel knowledgeable enough to tackle important financial decisions on their own.
They know they have some major expenses coming up that could potentially affect their retirement plans. Plus, they need help minimizing the tax impact of their recent inheritance.
THE RESULTS
A fiduciary financial planner helped Tim and Jill establish a comprehensive plan to help their kids get through college without impacting their retirement goals. Their plan also addressed their other financial needs:
- Tax planning strategies to reduce their overall tax burden
- A retirement savings plan to maximize their 401(k)s and other tax-advantaged accounts
- An investment strategy that balances near-term obligations with long-term goals and aspirations
- A spending plan that allows them to enjoy their money today
Tim and Jill now feel confident they can retire on their terms while paying for their three boys to go to college.
They’re also less stressed about how to manage their inheritance and can enjoy it—knowing that their financial future is secure.
Note: The above case study is hypothetical and does not involve an actual Chladek Wealth Management client. 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 Chladek Wealth Management is engaged to provide investment advisory services.
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