"How Much is Enough?"

Mark & Sue had worked hard, very hard.

They had created a good lifestyle for themselves and their young daughters Nicola and Sarah.

Sue was 41 and worked in health care.  Mark was 42, owned a business, and he had a plan – his own plan. You see, Mark had two pet hates. Their mortgage and, most of all, financial advisers. So Mark’s plan was simple – to pay off their mortgage as quickly as possible, and then mortgage-free, save and invest as much as possible between now and 55, so he and Sue could retire early.  55 was his finish line.

Mark had it all figured out, so he didn’t need any ‘advice’.  Sue and Mark’s CPA, however, suggested they get a second opinion and speak with us here at WealthBuilders.  Sue was definitely on board with that.

Despite Mark’s reluctance, they did meet with us. We spent some time getting to know them both, then we helped them clarify the real lifestyle they wanted to enjoy throughout their life. We also wanted to understand why ‘55’ was so important to him. 

Mark wanted to escape at age 55 and pursue their passion for sailing while they were still young enough, and fit enough to be able to enjoy it. He wanted to sail a Great Lake - any Great Lake.  All of them, if they could. He wanted to ‘do stuff’!

But why was 55 so important?

Mark shared with us the fact that his father had worked really hard his whole life, right through to age 65, only to die unexpectedly at age 67.  So that was Mark’s motivation. He could not bear the thought of that happening to him. He knew – and understood – that ‘Life is NOT a Rehearsal’ and he planned to live it accordingly.

So, we worked with Sue and Mark to discover what it would take – the amount of money they needed by age 55 to live the life they wanted – without fear of running out.  We built in the cost of college for Nicola and Sarah, plus made a provision for the cost of their weddings, which was important to Sue and Mark. We got them to really think about the lifestyle they wanted at various stages of their lives.

And then we crunched their number. This revealed that Sue and Mark’s current plan – Mark’s plan actually – would see them running out of money by the time Mark hit 74!  We then helped them see just HOW MUCH they needed to accumulate by age 55 in order to overcome this serious miscalculation.

It was a BIG NUMBER because they wanted to do big things...

sooner rather than later.

We worked with Mark & Sue to help find ways of accumulating the money, including how they could utilize their greatest asset (the business) to build their number. We also considered a number of “What If” scenarios and implemented a few tax-efficient strategies to help.

Mark & Sue are now well on course with a plan that’s properly quantified. Mark now has a reason to work hard – a ‘WHY’. He’s motivated, inspired and focused.  They continue to meet with us on an annual basis to ensure they stay on track.

And that’s much easier to do

when you know your number. 

*This is a hypothetical situation 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 financial advisor prior to investing.  Your results will vary.