Scott and Marjorie raised two sons, which was exhausting at times and amazing in retrospect. As empty nesters, they faced a number of challenges, of which finances were a big part. They found themselves arguing over small things that never used to bother each other when the boys were at home, and money exaggerated the differences. Scott was ready to retire, and Marjorie was ready to re-enter the workforce after two decades at home raising the children. Sometimes, they felt like the additional money she might make was not worth the extra stress it was causing their marriage. They came to the financial planner looking for some mathematical answers:
How long does she have to work before we can both retire?
How much income can we expect to retire with?
How many assets are enough?
Listed and sold the business
How should we be invested—should we get more conservative with our money?
How do we keep our kids from being spoiled?
The financial planner took into consideration all of their concerns and asked even more questions they had not thought of. These questions include, what happens with the money if something happens to both Scott and Marjorie? What about a health emergency? During the discovery process, the financial planner learned that their parents are aging, they have poor health, and Marjorie and Scott may have to step in to help them. They had largely avoided talking about this issue with the other adult children, and it was causing stress between the two of them.
With the help of their financial planner, they put together a plan that helped Marjorie and Scott make good decisions and be confident in their work-life schedule. They helped the couple have conversations with their aging parents, and their “adulting” children. They put together a plan for Marjorie and Scott to provide for their own well-being if something were to happen to either one of them.
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