1 | Name | Occupation | Age | Salary | Supp Income | Marital Status | Residence | Jersey City, NJ | Gross Income (annual/monthly/net) | $290,000 | $24,167 | $12,325 | Expenses (fixed/variable/savings) | $6,315 | $2,200 | $3,333 | 50/30/20 (fixed/variable/savings) | 51% | 18% | 27% | |||||
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2 | Fiona Anderson | field medical director | 46 | $155,000 | $0 | MFJ | Living Situation | 3BR SFH they purchased in 2008. Paid $420k w/20% down, 6.0% int rt. Used a conventional loan, refinanced in 2015 to 4.0% | |||||||||||||||||
3 | Roy Anderson | pharmacy manager | 48 | $135,000 | $0 | Goals | 1 | They both want to pay for all 4 years of undergrad for Michael and Paul (upped contributions to 529 recently, but not sure they'll have enough). | |||||||||||||||||
4 | Michael Anderson | son | 16 | 2 | They both want to retire in the next 10-15 years. | ||||||||||||||||||||
5 | Paul Anderson | son | 14 | 3 | They'd like to downsize and move to FL when they retire. | ||||||||||||||||||||
6 | 4 | Fiona thinks they have too much debt @ this stage (i.e. still paying on the student loans, mortgage won't be paid off for another 23 yrs). | |||||||||||||||||||||||
7 | Net Worth Statement | 5 | |||||||||||||||||||||||
8 | Assets | Liabilities | Debt | 1 | Personal loan | $1,000 | Kitchen remodeled cost $52k; used HELOC at 5%. | ||||||||||||||||||
9 | Cash | Short-term | 2 | Car notes | $750 | Int rate of 3.5% for Fiona, 4.25% for Roy. | |||||||||||||||||||
10 | Checking | $20,000 | JT | Credit card(s) | $0 | JT | 3 | Student loans | $565 | Refinanced to a 10-year at 4.25% 5 years ago. | |||||||||||||||
11 | Savings | $50,000 | JT | HELOC | $43,000 | Fiona | 4 | Mortgage | $2,500 | 30YR fixed mortgage, 4.0% int rate (7 years in). | |||||||||||||||
12 | Wealth Building | 1 | 401k | 8% | $12,400 | Fiona: (4% EE + 4% ER match), 2035 target date funds. | |||||||||||||||||||
13 | Investment | Long-term | 2 | 401k | 8% | $10,800 | Roy: (4% EE + 4% ER match); 2035 target date funds. | ||||||||||||||||||
14 | Trad IRA | $19,500 | Fiona | Car note | $25,000 | Fiona | 3 | 529 | $1,000 | $12,000 | $500 for each son. No NJ income tax deduction ($200k+ AGI). | ||||||||||||||
15 | Roth IRA | $36,500 | Roy | Car note | $23,000 | Roy | 4 | Taxable | $100 | $1,200 | RSUs as part of Fiona's comp (never touched it so 100% in company stock). | ||||||||||||||
16 | 401k | $425,000 | Fiona | Mortgage | $330,000 | JT | 5 | JT savings | $100 | $1,200 | To JT savings (rainy day, Michael graduation trip fund). | ||||||||||||||
17 | 401k | $459,000 | Roy | Private student loans | $30,000 | Fiona | 6 | Trad | $200 | $2,400 | Not funding the Roth, but Fiona's Trad IRA (in a balanced fund). | ||||||||||||||
18 | 401k (old) | $15,000 | Fiona | Wealth Protection | 1 | Ind/group term | $1,000,000 | $150,000 | Fiona: 20YR term purchased 5 years ago. | ||||||||||||||||
19 | Taxable (RSUs) | $125,000 | Fiona | 2 | Ind/group term | $1,000,000 | $125,000 | Roy: 20YR term purchased 5 years ago. | |||||||||||||||||
20 | 529s | $80,000 | JT | 3 | STD/LTD | 60% | 60% | Fiona: own occupation for 2 yrs, then any occ until medicare age through employer. | |||||||||||||||||
21 | 4 | STD/LTD | 60% | 60% | Roy: own occupation for 2 yrs, then any occ until medicare age through employer. | ||||||||||||||||||||
22 | Home | 5 | Prof liability | Roy carries his own policy (~$130 per year). | |||||||||||||||||||||
23 | Primary | $540,000 | JT | 6 | Estate | Have a will that was done when Michael was born. No living will, trusts or POAs. | |||||||||||||||||||
24 | Tax | 1 | Currently use an accountant, but not sure he's helping them maximize their deductions. NJ state income and property taxes are killing them. | ||||||||||||||||||||||
25 | Total Assets | $1,770,000 | Total Liabilities | $451,000 | 2 | Typcially, owe taxes every year. | |||||||||||||||||||
26 | 3 | Concerned about capital gains on Fiona's RSUs, use this for the boys' school or retirement? | |||||||||||||||||||||||
27 | Net Worth | $1,319,000 | Misc | 1 | They're conflicted about how much to put towards college vs. their own retirement (can they retire in 10-15 years). | ||||||||||||||||||||
28 | Notes | 2 | They expect to travel a lot more in retirement. | ||||||||||||||||||||||
29 | 3 | ||||||||||||||||||||||||
30 | 4 | ||||||||||||||||||||||||
31 | Topics of Discussion | 1 | Education vs. Retirement. | 5 | Do they have enough to retire? When to take SS? | ||||||||||||||||||||
32 | 2 | RSUs: what are they for? Diversification? Address LTCG. | 6 | Should they focus more on the debt? | |||||||||||||||||||||
33 | 3 | Education planning (moving from accumulation to w/d in a few years, how to frame to kids). | 7 | Reallocation of investments. | |||||||||||||||||||||
34 | 4 | Estate docs. | 8 |