Who We Serve
The following are depictions of hypothetical prospects that we could work with. Perhaps you have a similar financial situation?
Brittany and Jacob,
ages 32 & 33
Main Goals: Pay for children's college education, ensure family is taken care of in the event of an untimely death and retire comfortably in their early 60's.
Current Situation: Brittany and Jacob are newly married, high-income earners with a joint income of $150,000. As we were working together, it was clear they wanted to provide funding for their two young children's college educations as well as ensure they were taken care of in the event of an untimely death. They had not yet begun setting aside funds for their children's education, nor did they have any estate planning documents in place. Even with their hectic lives, they knew it was time to sit down and align their finances with their goals.
Our Strategy for Brittany and Jacob:
- The opened and began funding tax optimized 529 plans while the children are young to take advantage of the time horizon for account growth.
- We determined the amount and type of insurances Brittany and Jacob needed such as disability, life and umbrella.
- They worked on completing estate documents with a lawyer to ensure everything was in order.
- They fully invested their retirement accounts capturing their employers match to help fund their retirement goals.
Brittany and Jacob now feel confident they will reach their financial goals after partnering with McClarren Financial Advisors, Inc. under a Young Professional Retainer Agreement.
Travis and Carolyn,
Ages 59 & 57
Main Goals: Retire comfortably in approximately 1 year and downsize home to one story once all children move out.
Current Situation: Travis has worked hard as a physician and Carolyn as a stay-at-home mother, now Travis would like to retire in one year. They would like to ensure everything is in place financial prior to Travis stopping his employment. They are also looking for advice on when and how they should begin collecting Social Security. Their children are grown and almost finished with college, and they are looking to downsize to a one-story home once the last child graduates.
Our Strategy for Travis and Carolyn:
- We performed a retirement projection to confidently ensure they can comfortably retire in one year.
- We ran projections to determine the most ideal time for Travis and Carolyn to begin collecting Social Security.
- We came up with a funding strategy to purchase their new home in 5 years.
- We consolidated their retirement accounts to lower fees and for ease of navigation.
- We came up with an income strategy to account for taxes during retirement.
McClarren Financial Advisors collaborated with Travis and Carolyn under a Standard Retainer Agreement and gave them piece of mind on their financial plans for retirement.
Main Goals: Maintain cash flow during retirement, gift to family and donate to charity.
Current Situation: Dorothy spent many years working hard to save money for her retirement. She was a fantastic saver and now has a sizable retirement built up. It was important to Dorothy to maintain her active lifestyle of traveling and possibly even settling into a vacation home of her own. With that she needed advice on where to pull the cash from to fund her retirement adventures. She also enjoys gifting to her to family members as well as charities that she holds close to her and needed assistance on the most tax efficient way of doing so.
Our Strategy for Dorothy:
- We developed a gifting plan for her family members based on her remining Required Minimum Distributions (RMDs).
- We used Qualified Charitable Distributions to donate money to charities of her choice using distributions from her IRA without tax penalties.
- We ran reports to project her retirement and proved that she was able to purchase a vacation home of her dreams.
- We ensure her adjusted gross income is within certain limits to keep her Medicare premiums at a minimum.
McClarren Financial Advisors helped take the pressure off Dorothy and showed her that she did very well for herself and is able to live her retirement comfortably in her new vacation home through a Standard Retainer Agreement.