Client Stories

Nathan + Melissa

Nathan and Melissa are in their 30s and have been married for 6 years. They are both employed full-time and have two young children.
Their Story

Johnny + June

Johnny and June have been married for 45 years. They have a beautiful family of 3 children and 8 grandchildren. Both are less than a year way from retirement and can picture all the adventures on their horizon.
Their Story

Adam

Widowed after 40 years of marriage, Adam is in his mid-60s and lives in the Mid-South. He retired after 40 years as a civil servant.
His Story

Kat

Kat is a single mom. Her husband of 12 years has filed for divorce. She's been a stay-at-home-mom for the past 8 years, putting her career on hold to raise her children. Now, she doesn’t know where to begin when it comes to retirement planning.
Her Story

Jill

Jill is in her early 20s. She is engaged and in school when we join her story. But the sudden loss of her parent has made making decisions difficult.
Her Story

Harry + Meghan

Harry and Meghan have been married for 13 years and have 2 children. Harry works in the family business and Meghan is a stay-at-home mom. They don’t have much wiggle room in their budget and are unsure where to start.
Their Story

These are hypothetical situations based on real life examples. Names and circumstances have been changed. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing.

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Background

Nathan and Melissa, now in their late-30s, have been married for 6 years. They are both employed full-time and are hardworking, devoted parents of two young children. They have a passion for their community and city, and they want to leave a legacy for their children.

Goals + Obstacles

After working years in the corporate grind, Melissa feels like her small family-owned business is doing well enough to justify her quitting her corporate job to go “all in” on her small business. Nathan and Melissa just finished paying off credit card debt and student loans, and they want to prioritize retirement as they expand their small business. They aren’t sure about their immediate next steps, but they want to build on their momentum now that they’re debt-free.

Strategy

The Benchmark advisors presented options for consolidating their old 401k plans from previous employers and helped them strategize retirement planning between a mix of Roth IRAs, SEP IRAs (i.e. option for self-employed individuals), and a joint non-retirement investment account. At least once a year, we review their updated retirement projections through age 100, including layering in assumptions for the kids’ college education savings and adjusted expenses as Melissa is now self-employed. Rather than tithing each month, Nathan and Melissa gift appreciated securities from their investment account to their church. Benchmark works with their CPA and strives to make sure the family stays within the SEP IRA contribution limits and that they are setting aside enough for quarterly tax payments. Nathan and Melissa are thankful they can focus on their family, knowing that they have a plan and are on track to financial freedom.

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Background

Johnny and June, both in their 60s, have been married for 45 years and have a beautiful family of 3 children and 8 grandchildren. They are less than a year away from retirement and can picture all the adventures that are on their horizon. Both have been at their companies for over 40 years and know the definition of loyalty. They have dedicated their entire careers to working hard so that they can feel financially stable in retirement. 

Goals + Obstacles

Johnny and June have lived a comfortable life, but they’re worried they can’t maintain their current lifestyle during retirement. They didn’t start saving for retirement until their mid-30s, so they feel that they’re “behind” compared to others their age when they retire. They still owe some money on their mortgage that they want to knock out before they officially retire. They also want to travel, spend time with their grandchildren, and purchase a second home by the beach that they and their family can enjoy whenever they want.

Strategy

The Benchmark advisors would have Johnny and June reflect on what a beautiful career they’ve both had. We could put their current expenses and projected retirement expenses together and see where they could make some changes. By providing a realistic outlook on their retirement, the goal is for Johnny and June to see that they can do the things they have been dreaming of. We could look at a timeline of when to rollover their 401ks, help them get information on Medicare for when they turn 65, and offer clarity around paying off their mortgage. The Benchmark advisors would encourage them to embrace the season they are in and help them finish their careers with grace.

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Background

Adam lives in the Mid-South and retired from 40 years as a civil servant in his mid-60s. He had been married to Morgan for 40 years, raising 2 successful sons together. They were active in their roles at work, and Adam spends a significant amount of time traveling back and forth to visit with his widowed sister in Middle-Tennessee. They were on the cusp of enjoying an adventure-fueled retirement together when Morgan suddenly passed away.

Goals + Obstacles

As the primary breadwinner of the family, Morgan’s company 401k and pension were crucial to Adam being able to remain retired. He does not know where everything is at—Morgan handled the bills, banking, investments, and taxes. Morgan’s illness prompted Adam to dust off his own will, but he doesn’t know if that is sufficient to plan for his own incapacitation and death. He dreams of one day being able to move closer to his sister, but he doesn’t know if that’s feasible without Morgan’s income and guidance.  

Strategy

In a situation like this one, the advisors at Benchmark would begin by meeting Adam to review his beneficiary options and to decide on the best combination to suit his goals. We would help Adam to create an organizational system to capture and sort the influx of mail he was getting, triggered by Morgan’s death. The Benchmark administrative team could help him complete, mail, and follow-up about paperwork required by multiple other institutions. The goal would be to work together to help ease Adam’s transition into life as a widower by making sure he wasn’t alone. With clients like Adam, we strive to remind them to have abundant grace for themselves. Throughout the next several years, Benchmark could help him understand how much he could afford on adventures and travel, encouraging him to book the trips. The advisors could also help Adam determine how much he could afford to spend on a move to middle-Tennessee.

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Background

In her early-30s, Kat is entering a new phase of life as a single mom. Her husband of 12 years has filed for divorce, and she has been a stay-at-home-mom for the past 8 years. She put her career on hold to raise her children, and now feels like she doesn’t know where to begin when it comes to retirement planning; her husband handled most of the finances while they were together.

Goals + Obstacles

Kat is eager to learn, but she doesn’t even know where to start. How much should she be contributing to retirement? How will she plan her finances when she hasn’t worked for the past 8 years? She feels overwhelmed and needs someone to walk her through this new life change. Although Kat has been mostly removed from the financial discussions in her last relationship, she is ready to turn a new leaf and empower herself with knowledge about planning for retirement. She wants to leave a financial legacy for her children and prove to herself that she can make it on her own.

Strategy

First, the Benchmark advisors would encourage Kat to gather up all relevant financial documents that she can find so they can help her get a better picture of her cash flow and expenses. Creating a budget and knowing where her money is going is an important first step. They would also advise her to set aside an emergency fund, even if it takes some time to build up. The advisors would help her look at insurance policies to make sure she and her children are covered. They would encourage Kat to being looking for a job and help her understand the 401k options when she is eligible to contribute. They could also discuss a financial plan for her children’s education, such as 529 plans or UTMAs. Her advisors would try and make this transition for Kat as easy as possible and help her with the many decisions to be faced over the next several months. Once a plan is in place and she has a steady income, the advisors would help her begin investing and regularly review her retirement projections to walk with her on the path to retirement.

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Background

Jill is in her early 20s. She is a student moving through grad school and her way into a fantastic profession.  She is very intelligent and has a cheerful demeanor.  She is the girl you want to be friends with. Jill’s boyfriend Jack just proposed when we join her story. But the unexpected loss of her father has brought her many difficult decisions to make.

Goals + Obstacles

Unfortunately, life happens to all of us.  The sudden loss of her father was compounded by hard family relationships and a sudden windfall of money that was intimidating to her.  As she processes the loss of a father, she must also help to arrange a funeral, deal with some step-siblings, decide how to engage her brother who has substance abuse issues, and sign estate forms that she didn’t quite understand.

Strategy

The advisors at Benchmark could encourage her to take some time to process these things.  We could help with the forms, phone calls, attorney meetings, old employer 401(k) calls, and most importantly we could be a listening ear. However, we believe that during times like these, no big decisions should be made about the funds.  Those shouldn’t be made during such grief and turmoil. We would encourage Jill to take time to process her brother, her mom, her stepmom, and her step-siblings. Her father had left her everything because of her ability to be responsible, and throughout the next few years, our advisors could walk beside her and guide her on how to handle the finances with grace. Once Jack and Jill are married, we could help them progress towards goals such as career moves and building the dream home they’ve always wanted, knowing her Dad would be so proud.

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Background

Harry and Meghan are in their mid-40s and have been married for 13 years with 2 children. Harry works in the family business and Meghan is a stay-at-home mom. They had a fairytale love story and didn’t get married until their 30s. They both enjoyed single life and didn’t plan much for retirement, as it felt so far away. They are now parents to 2 beautiful children and have started discussing their financial future more seriously.

Goals + Obstacles

Harry and Meghan have a small amount in their retirement accounts, but they can’t help but think of what their account balances could be if they had started sooner. They don’t feel like they have much wiggle room in their budget to contribute to their 401k and are unsure where to start.

Strategy

First, the Benchmark advisors would evaluate their current income, expenses, and debt. They could help Harry and Meghan gather any relevant financial documents to show them an overview of their financial standing to help provide a clear starting point and identify areas that need improvement. The advisors would also help them set realistic retirement goals by determining the lifestyle they want to live and what expenses will be incurred during retirement. Next, they would develop a budget that aligns with their retirement goals, finding unnecessary expenses that could be redirected toward retirement savings. Once they have found room in the budget, our advisors would encourage them to start contributing to their 401(k)s, IRAs, or similar employer-sponsored plans to take advantage of any employer matching contributions. They may even suggest alternative income streams to help fund those accounts, such as acting or writing. Their Benchmark advisors would regularly review their financial plan and could adjust as necessary to accommodate changing circumstances or goals. Starting late is better than not starting at all.

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