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Case Study: Tom and Sally

Do we have enough to retire?

Tom and Sally

Status: Retired

The Challenge

Tom and Sally came to us because they had a big question – do we have enough to retire? They had done a good job of saving over the course of their career – maxed out 401(k) plans, paid down their mortgage, and had other investment accounts that had accumulated over time. The problem was they had no idea how to manage their investments in a way that would support their income for the rest of their lives.

The Plan

That’s where we came in. We started by having a conversation about what their ideal retirement looked like. From there we helped them to consolidate old 401(k)s into IRAs which helped to reduce their fees and get everything organized. We set up a Roth conversion strategy which allowed us to reduce tens of thousands of dollars they would have otherwise paid in taxes over the course of their retirement. We made sure they had the right insurance policies in place to protect them and that their beneficiary designations were all up to date. And finally we put together a customized investment strategy that would generate all the income they needed for the rest of their lives to live comfortably.

The Result

Tom and Sally know that their retirement savings are protected and that they have more than enough to comfortably support them for the rest of their lives. More than that though, Tom and Sally are feeling true peace of mind knowing they can fully experience all that retirement has to offer because their finances are taken care of.

The Plan

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  1. Schedule a Call

    Schedule A Call

    We want to make sure everyone receives top quality financial advice. Often times we’re the ones that provide it, but other times there are other financial professionals who may be a better fit to serve you.

    Let’s spend 15-minutes getting to know you and your goals. We will either explain how we can help or we will introduce you to another professional that can.

  2. James Conole, CFP®, MBA

    Define Your Goals

    You wouldn’t take a trip without having a map to show where you’re going. Likewise, you shouldn’t invest your money without having a financial plan showing you the right things to do along the way.

    That’s why we start every new client relationship with a meeting that’s fully devoted to getting to know you better – what’s important to you? What are you investing for? Is there anything about your current financial situation that keeps you up at night?

    Once we know that we can craft your custom financial strategy.

  3. James Conole, CFP®, MBA

    Discover Your Strategy

    Once we know what’s important to you we show you the long-term trajectory of your current situation. The goal is to identify the areas where you’re doing well already so we can keep doing those things.

    Then we identify the opportunities for improvement as well as the potential hazards along the way. This helps us to custom design strategies that fit your unique situation and goals.

  4. Get more from your money

    Implement Your Plan

    A financial plan isn’t any good if you never take action on it. Once we’ve created your custom strategy, we roll up our sleeves and implement it together.

    Whether it’s selecting a Social Security benefit, implementing tax reduction strategies, or making adjustments to your investment accounts, we’re with you every step of the way.

    The goal of the prior step is to get clarity on what you need to do. The goal of this step is to turn that clarity into action.

Best Fit Scenarios

Retirement

People approaching retirement with at least $500,000 in their portfolio

Professionals

High income professionals with annual incomes north of $300,000/year

The upfront cost of these services typically ranges from $1,000 – $3,000 as a one-time fee, although we waive the right to waive this in certain scenarios.

From there we typically help people to manage their investment portfolios to ensure they stay in alignment with their financial plan. The fee for ongoing management of client portfolios is generally between 0.50% – 1.25% per year. This fee covers both the portfolio management and the ongoing financial planning.

In some cases we will charge a fixed annual fee instead of a percentage of a client’s portfolio.

Root Financial Partners

We meet regularly to ensure we stay on top of your plan, quickly adapting to change as your life changes.