Financial Planning Scenario – Retirement Preparedness

Bob and Joanne are already empty nesters when they realize retirement is just around the corner.  Bob and Joanne are worried that after putting three children through college they may not have saved enough to retire when they want to.

Their questions are:

  • Are we saving enough for retirement?
  • How do we manage our investment portfolio that has become too much and too complicated for us to manage on our own?
  • How do we consolidate retirement accounts from old employers, numerous IRAs and rollovers?
  • Are we invested correctly?
  • What are the tax implications of making investment changes and doing rollovers?
  • Is it possible for us to retire at age 65?
  • Do we have enough money to pay for healthcare, especially if we retire before age 65?
  • How do we manage the change from working and saving to living off our investments?

Bob and Joanne have a large nest egg built up but don’t know that they are making the best decisions with their money. We would recommend our Financial Freedom service for Bob and Joanne. Some of the steps we would likely recommend are:

  • Develop a personalized financial plan. This plan would be a roadmap showing where they are financially and what it would take to get them where they want to go.
  • With their goals in mind, show how much they could spend in retirement based on their current portfolio, future savings, Social Security benefits and pension benefits.
  • Consolidate their investment accounts into a portfolio tailored to their specific situation.

By helping Bob and Joanne with their concerns, they would see if they are actually on track and the course corrections needed to retire when they plan to with financial independence just a few years away!


The scenario presented is hypothetical in nature, and not intended to be a testimonial or endorsement of Partners in Financial Planning LLC. This scenario is intended to illustrate the services we offer, but does not represent the results or experience of actual clients. The strategies discussed are not appropriate for everyone and should not be considered investment or tax advice. Clients should review their unique situation and financial needs with a qualified advisor and inquire about the various benefits and risks involved with specific services and strategies.

About Us

Partners in Financial Planning provides tax-focused, comprehensive, fee-only financial planning and investment management services. With locations in Salem, Virginia and Charleston, South Carolina, our team is well-equipped to serve clients both locally and nationally with over 100 years of combined experience and knowledge in financial services.

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