Longtime Jacksonville, FL residents, Judy Jones and her husband, Jim, are currently seeking help from a financial planner with questions about the impact of Judy taking an early retirement and how that could affect their overall financial health.

Early Retirement • Jim & Judy Jones

CASE STUDY

CASE PROFILE

Family Member: Jim (Husband) 

  • Age: 58

  • Occupation: Partner at Law firm

  • Income: $285,000
     

Family Member: Judy (Wife)

  • Age: 57 

  • Occupation: HR Manager 

  • Income: $90,000

Summary of Household Financials

  • Investable Assets = $1,100,000 

  • Contributing 3% to retirement plan

  • Maxing out IRA contributions

  • Mortgage = $277,000

  • Car Loan = $24,000

  • Estimated Net Worth = $1,600,000 

Judy is at the point in her life where she would like to spend more time with the grandchildren. Unfortunately, the grandchildren live in Texas and Judy’s work demands interfere with her ability to travel and visit the grandkids as frequently as she would like.

Jim is perfectly okay working longer if it means Judy is happier. Even though Jim intends to work as long as his health will permit, he wants to have the option to retire by age 65, if at all possible. However, Jim is just not sure that’s a possibility if Judy is not generating additional income for the household. He is concerned that her early retirement will delay his ability to retire at 65, or worse yet, erode their nest egg while he is still working.

Given that the Jones’ tend to be more conservative by nature, they both have their reservations about Judy retiring early. To that end, Jim would like to see more concrete evidence that this is even a possibility.

 

The Jones’ other major financial goals include:

  • Be debt free by retirement

  • Their current house needs significant renovations so that it will sell when Jim retires

  • Relocate to Texas after Jim’s retirement to be closer to the grandchildren

  • Purchase a sailboat

 

Throughout the conversation, several other topics were brought up, most notably:
 

  • How spending habits are altered once Judy retires

  • Repositioning their investment allocation for a better retirement outcome

  • Long‐term care and the financial consequences if one or both of the Jones’ suffer from a chronic illness

See Our Customized Proposals for The Jones':

Want to know more?

Call

(904) 580 - 4698

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