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Jean: Recently divorced

Age: 57
Annual Income $65,000
Net Worth: $485,000
Recently Divorced

Background
Jean, 57, is feeling the financial fallout from a divorce. Her lifestyle has dramatically changed with the loss of her husband’s income and she fears retirement looming on the horizon. She plans to work until age 70 in order to play catch-up. Then she wants to move south to a cheaper location in Virginia or the Carolinas to retire.
CONCERNS
Jean has been gradually spending money received from her divorce settlement to make ends meet. The simple fact is that she can’t afford her lifestyle and sees her savings account declining rapidly. Although she received a nice settlement through her divorce, she fears that she will need to use this to maintain her lifestyle and fears the long-term consequences. She has two grown children and three grandchildren under seven. Her greatest fears are running out of money and being a burden on her kids should she need care when she is older. Additionally, she would like to contribute to her grandkids college funds and leave them something when she dies but can’t see how she can.
THORNWOOD SERVICES
Analyze expenses and help establish a manageable long-term budget.

Create a financial plan to help achieve her retirement goals.

Create and manage an investment portfolio geared toward preservation and growth of her retirement assets.

Implement a comprehensive insurance strategy that can provide benefits for care in the event of chronic illness in the future, potential to provide cash to contribute to the grandkids college education and leave a death benefit for her heirs.
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The case study is a hypothetical illustration and does not reflect an actual client. It is for informational purposes only, does not constitute as investment advice, and is not legal or tax advice. Individual results will vary. Please consult the appropriate professional regarding your individual circumstance. Performance or projections are not guaranteed.

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