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Retirement Planning with a Family


Ages: 42 with a 5 year old child

Goal Summary: Kelly is a healthcare executive who wants to provide a great future for her child, whom she had in a previous marriage, and retire comfortably.

Main Goals

  • Grow net worth for retirement in 20-25 years
  • Maximize college savings
  • Properly contribute to company 401(k) and 457 simultaneously
  • Balance high income with no debt
  • Purchase a new home


Although it may not seem like it, retirement is around the corner for Kelly. A large obstacle that Kelly can overcome is the mistake of failing to prepare for retirement while there’s still time. In fact, we want to be fully prepared for a large transition about five years before retirement begins.

To do this, we need to balance the high income that Kelly is receiving with the proper savings rate and the lifestyle that Kelly has adopted. It is important to Kelly to enjoy the fruits of her labor while she prepares for retirement at the same time.

As we plan for her retirement, Kelly has some additional goals. Kelly wants to help pay for her child’s college and prepare her child for a fulfilling future. Kelly had to earn her way through college, and as a result, she wants to provide her child with a different, more readily available opportunity for higher education.

With such a high income, one vital question is how we will balance using her company-sponsored plans. The more money that goes into the plans, the less we have in our control. How do we manage all investment vehicles properly?

Additionally, one of Kelly’s large short-term goals is to purchase a home. Currently, the market seems to be in a difficult position to buy, but we need to weigh how this purchase will fit into Kelly’s overall goals. It could potentially be a great time specific to Kelly’s situation!

Things To Watch For

  • Not saving enough for retirement
  • Balancing current taxation with future taxation
  • Managing the proper company-sponsored plan contributions
  • Managing a consistent monthly investment account
  • Creating the proper asset allocation
  • Controlling all investments with the proper growth potential
  • Keeping all goals at the forefront of our decision making
  • Making sure a cash protection account is prepared
  • Ensuring short-term goals have funds available when needed
  • Protecting assets with proper insurance products

First Places To Start

We need to evaluate all current cash flows as well as the current tax situation based on recent tax returns and pay stubs. We also need to evaluate current investing and saving strategies and create a goals-based plan for retirement.

Kelly’s life is certain to change in the coming years, especially with a young child, so all decisions need to be made with the potential to be modified in the future if necessary.

Current Outcome

The retirement profile looks great!

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