Retirement Planning

Clarity When Life Changes Case studies show merit of sound financial planning

We all face transitions in life. A job ends, a marriage begins, a child is born, a loved one passes. Some life-altering scenarios are planned, while some are unexpected. During these times, the decisions that people make can affect their lives for years to come.

One major concern is the financial impact of the event on those involved. Most likely, adjustments are necessary to navigate a new path, so seeking the counsel of a professional financial advisor is a sound move. Often, people don’t know which way to turn and emotions can run high; an advisor can help people fully understand their financial situation and provide options and guidance for moving forward.

With a background in counseling and strategic planning, financial advisor Leila Dudley, CFP® founded Mosaic Wealth Strategies, LLC to help people in such situations.

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In a recent interview with “Advisors Magazine,” Dudley shared the following case studies to illustrate her point.

A new beginning.

Shannon was starting a new chapter in her life as a single woman in her early fifties. Previously, her husband had handled all of her finances. She felt intimidated and overwhelmed at the prospect of managing it herself, and was looking for a financial advisor or coach to assist with budgeting and to help maximize her financial resources. With the loss of one income, she realized that changes were necessary but didn’t know which changes were best, and she had other pertinent issues to consider – like evaluating the salary and benefits of job opportunities, and helping her daughter with college costs.

Dudley addressed all of Shannon’s concerns and uncovered opportunities that could enable her to achieve her goals more quickly. Shannon gained the much-needed clarity she was seeking and felt more confident in her ability to navigate her financial life successfully. She continues to turn to Mosaic Wealth Strategies to help make sure her financial plan stays on track.

We will be able to retire, right?

Mark* and Carol* had each been widowed and had children from previous marriages. As newlyweds in their sixties, they were overwhelmed by debt and worried about retiring – given their situation, they wondered if retirement was even possible.

Although Mark’s children were emotionally attached to his vacation home, it represented a serious drain on resources needed in retirement. The couple’s home equity line and several credit cards with high balances were also worrisome.

Approaching age 66, Mark was confused about Social Security choices, and which survivorship option would best protect Carol should he predecease her.

dudley200x300“When Mark and Carol began working with us, it was difficult for them to navigate some of the emotions that come with discussing financial habits and priorities. By focusing on their common goals and dreams, we helped them transition to handling their finances as partners,” Dudley said, adding that the couple now has peace of mind, knowing that they are on the path to enjoying retirement.

“We don’t just develop financial plans; we change lives,” she said. “It is why we go to work each day, and it brings tremendous fulfillment knowing we have a made a positive difference for our clients.”

For more information on Mosaic Wealth Strategies, LLC, based in Columbia, South Carolina, visit: mosaicwealthstrategies.com

The names referenced in the case studies in this article have been changed to protect the privacy of the clients of Mosaic Wealth Strategies, LLC

 

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