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Pete & Amy: Need to Plan Ahead

Age: 45
Annual Income: $250,000
Dependents: Three Kids
Assets: 401(k): $435,000

Background
Pete and Amy are both 45. Pete is and engineer who just made a major career move by accepting a position as Director of Global Quality for a major local hydraulics manufacturer. Amy stays at home focusing on raising their three kids ages 10, 12 & 15. Pete has a sizeable 401k from his previous employer and will be receiving stock grants and numerous other director level benefits in his new position.
CONCERNS
Their main concerns are saving for the kids’ college, providing for Amy should something happen to Pete and having enough money to retire and travel the world. With the recent major jump in salary, they “need help balancing their increased income for their immediate, short term and long-term goals”.
THORNWOOD SERVICES
Create a retirement plan to help provide for a more confident retirement at age 65.

Establish a custom strategy for each child’s college education based on their age.

Rollover Pete's old 401k and invest in a diversified IRA strategy with an objective to maximize for growth.

Advise Pete and his new employer of the benefits, including his 401k and stock grants.

Implement an insurance strategy to both provide for Amy should something happen to Pete in the next 10 years or provide them with tax free income during retirement.
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The case study is a hypothetical illustration and does not reflect actual clients. 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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