Divorced, 61 Years Old, $1M Invested: a Signature Life Plan Review

Recently divorced, Bobbie can envision a life for herself that she never had before – one filled with new paths to take and fresh opportunities for growth. But before she can set out, there are a few things she needs to consider as she reestablishes herself and her finances in light of her changing circumstances.

Facts about Bobbie:

• Bobbie is 61 years old and hopes to retire at 65 and utilize her Social Security benefits
• She has about $1.1 million in retirement accounts (401k and IRAs)
• Her home is paid off and is worth about $900,000
• She has little to no debt
• This brings her net worth to about $1.8 million

Bobbie’s Signature Life Plan shows:

• Spendable income of $30,000/year
• Selling her home and moving to a new city where she will purchase a new home
• The taxes and fees at her new home will cost her roughly $28,000/year
• The HOA at her new home will cover unexpected expenses that may occur
• She wants to take a trip every year for the next 20 years. Each trip will cost an average of $15,000.
• Bobbie's Confidence Number is 77

Listen now to hear the strategies and solutions Chip and Jon use to adjust Bobbie’s plan to meet her retirement goals.