Economic Status: This 56-year-old woman has been at her company for 12 years. She has $500,000 in her 401(k) plan and makes $165,000 plus $25,000 in bonuses per year. She shares custody of her three children - 21, 17, and 9 - with her ex-husband. She aims to retire in 10 years.
Financial Considerations: Ensuring adequate retirement funds, securing long-term care, planning a last will and testament, creating buffering for turnover at pharmaceutical companies, saving for college tuition on a sizable salary.
Goals: Get long-term care insurance, suggests Tom Nowak, a certified financial planner at Quantum Financial Planning in Illinois. With this plan, her company provides for nursing home or home elder care after retirement. "The problem is, if you don't buy it at the right time," says Nowak, "you can't buy in once you need it." Arrange estate planning documents and plans for power of attorney. "These are things ...
