Clark and Linda are in their early 40’s with a 15-year-old, Sara. Clark is a Regional Director for a national tool company and travels for work. Linda works part-time, volunteers, and coordinates Sara’s schedule. Recently Clark’s mom, who is 83 and lives 4 hours away, has begun to have health issues. She recently fell resulting in a two-day hospital stay and a slow recovery.
The Client’s Dilemma
- Clark and Linda are juggling Clark’s travel, their daughter’s schedule, and the needs of Clark’s mother as she ages.
- Although they know they need to save for retirement, college is looming and they have shifted their focus to attempt to catch up on college savings.
- Although Linda can occasionally take time off to help Clark’s mom, they realize it will only become more difficult as she needs more assistance.
- Because Sara will start college in 3 years, the couple needs guidance on the best way to approach college costs and to begin to communicate to Sara their expectations for the possibility of her participation in education costs.
- Clark and Linda need to assess the competing financial needs objectively and make sure they are appropriately prioritizing and saving for their goals.
- Clark needed to find a way to help his mother without being perceived as “interfering”. He isn’t sure how to negotiate what comes next for her because he isn’t aware of the available options and/or resources.
- Because Clark was the primary breadwinner, he needed to consider how best to protect his family in the event of a disability or early death.
- Clark and Linda felt they were probably behind in saving for retirement but were too busy in the day-to-day to stop and consider the overall picture of their future.
- Clearview Wealth Management provided them with resources in the community for senior assistance. Clark and his mom worked with a local Geriatric Care Manager to assess her ability to continue living independently and created a plan of care for the future.
- As a result of our discussions regarding prioritization of their goals, the couple decided their education funding should be limited to costs for a public university. We educated Clark and Linda regarding the best ways to save for Sara’s education. By tempering the education savings, they were able to increase their retirement savings and take full advantage of Clark’s employer match.
- After a thorough review, Clark adjusted his current levels of insurance coverage to reduce the potential risks to his family.
- We worked together to develop a clear roadmap for meeting their goals and continue to re-evaluate and re-position as changes occur.