Creating a Plan for a Family’s Future
The Thompsons were two physicians in their mid-30s with two children, one who suffered from some mental disorders. They believed their youngest would attend college, and wanted to plan for their oldest to live with them into their adult life. After accumulating significant student loans from medical school and recognizing the pressures of saving for college and retirement, they could not find a way to save money. Between their careers and raising a family, they had put off the task of figuring out a financial plan.
Our Approach
The Solution
- We implemented a plan with the action items mentioned above and included a cash flow analysis, investment analysis, budgeting plan, education savings and options planning, and retirement planning.
- We defined how much they should save each month toward an emergency fund until the agreed-upon amount was reached.
- We encouraged both of the Thompsons to contribute the maximum to their workplace retirement plans, or at least up to the amount that they would receive a full match.
- We arranged a meeting with an attorney to establish a will and a special needs trust.
The preceding case study is for illustrative purposes only and may not be representative of the experience of other clients. Actual performance and results will vary. This case study does not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted regarding your specific situation.