The couple had lived modestly for more than 20 years, prizing a private-school education for their four children above all else. By the time they came to us, their children were all college graduates. Now it was time to plow their money into retirement. But could they save enough during the final years of their working lives?
They arrived at True Wealth in their 50s and apprehensive. They had invested in their workplace retirement plans over the years, but the sums were small. More of their dollars had gone to private schools starting when their oldest child entered first grade.
Together we discussed their core goals and values. They both worked full time, but wanted to retire in their 60s with the resources to travel, and spend time with their children and grandchildren. And they were willing to continue their modest lifestyle and forgo luxuries to fund their retirement dream.
With a clear understanding of how they wanted to live today and in the future, we structured an aggressive budget that directed 30 percent of their income each year to their retirement accounts. We also advised them on investments for their retirement portfolios.
To their astonishment they were able to retire a decade after we began working together, and with more dollars and financial security than they ever thought they could amass.
But new chapters – even well-funded ones – can still feel daunting. Our firm continued to work with the couple as they transitioned into retirement, developing a new budget and income plan.
Today they are basking in their new life. They take vacations and visit their out-of-state children and grandchildren. And what’s perhaps most gratifying is that they will leave their twelve grandchildren a legacy gift that best represents their own values: funds for their college educations.