Jane's Story

Jane, a federal worker who was getting close to retirement, wanted to make sure she was ready. She entered the workforce late and was aggressively saving in an effort to establish a retirement nest egg. In our initial meeting she also informed us that she had over $40,000 in student loans that she was planning to pay off with inheritance that she had recently received. She also told us that she had previously looked into public service loan forgiveness but believed she had missed the opportunity by not applying for her previous work experience at the time. Since she only had a few years remaining before retirement, she did not believe that she would be able to obtain the work history necessary for forgiveness if she started the process now. 

In that first meeting, we told her to hold off on using the inheritance to pay her student loan off until we could do some research. We subsequently helped her enroll in a special waiver program that allowed her to look back in time and we were able to get her entire student loan balance forgiven through the public service loan forgiveness (PSLF) program.

Additional planning efforts with Jane focused on development of her retirement plan. We helped her to refine her budget for pre- and post-retirement, planned for a European vacation with her grandkids to kick off retirement, planned for a relocation in retirement to be near family and have helped arrange for the purchase of a retirement car. We also redirected her savings from a Roth to a traditional retirement account, which has greatly reduced her current tax bill and will take advantage of lower tax rates when she enters retirement.

Her plan is currently being executed and her investments are being managed in a tax-efficient manner to achieve her retirement goals. As with all financial plans, her plan is not static and we continue to reassess plan assumptions and review various scenarios to best position Jane on her journey into and through a prosperous retirement. 

Note: Case studies are fictitious and are not the experience of actual clients.  Studies are presented as an example of services that can be expected when working with Personal Prosperity.