Financial Planning Midterm Paper

969 words - 4 pages

The following description is the financial situation that I choose. Joseph and Mary are 60 years old. They have $200,000 saved in an IRA, and own a house worth $200,000. Mary is retired, and would like Joseph to retire as well, but he would prefer to work part time at something that will allow them to travel whenever they please. Their lifestyle is such that they required $60,000 per year to live comfortably. They don't feel that they need a will or an estate plan because they have no children.
I chose to financially advise choice number four, Joseph and Mary. In my opinion, this situation is easier to advise because there are only two people involved. They have no kids that they have ...view middle of the document...

Most couples when they get older and retire move into a smaller townhouse or an apartment. An apartment would be a more convenient decision if they would someday like to pick up and move to a different location. They would not have to worry about selling anything just simply ending their lease.
Joseph and Mary are both retired, or pretty much considered retired. Joseph would like to still find a part time job that would still allow him to travel. I think that this is a very good idea. A good job that I would suggest to him is a seasonal job. Having a seasonal job would allow him to travel on the time that he wouldn’t have to work. For example, if Joseph and Mary prefer to travel in the winter time then Joseph should get a job in the summer time. Having a part time job after retirement would be good for Joseph and Mary. Not only will the extra income help with retirement expenses but Joseph will still have something to do every day or most, depending on when he would work. When looking on the tax side of this, he will not have to pay into taxes because they will take out more than what is needed to be taken out and his income won’t be much due to working part time.
Joseph and Mary think that $60,000 a year will allow them to live comfortably. Unless they invest in stocks that will guarantee them this each year, which is highly unlikely, they would have to establish a budget of some kind to make their retirement savings last longer than three years. If Joseph got a part time job then that would help with some income but he certainly will not make $60,000...

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