Smart planning unlocks retirement dreams.
James and Patricia O'Brien, after decades of service in the nonprofit sector, are now transitioning to retirement. Their combined retirement assets of $3.5 million provide a solid foundation, but they are concerned about maintaining their desired lifestyle, which includes frequent international travel, and anticipating potential healthcare expenses before Medicare eligibility. Patricia also receives a small salary as an endowment consultant, but isn't sure if she needs to adjust it to meet goals.
Using the Salary Calculator, we helped Patricia determine the optimal salary withdrawal amount from her endowment consulting work to fund their travel goals without jeopardizing their long-term financial security. By converting her desired monthly travel budget into an equivalent annual salary, they targeted $65,000 for additional annual income. The Refinance Calculator was used to explore options for consolidating some smaller existing debts for a lower monthly payment, freeing up additional cash flow. The PITI calculator further modeled tax implications of their mortgage.
The Salary Calculator allowed for quick conversion between different payment frequencies. The integration of the Refinance and PITI calculators facilitated a comprehensive view of the O'Brien's debt and mortgage situation, allowing for informed decision-making about debt consolidation.
$65,000 in additional travel funds per year for the next 5 years. Improved cash flow, and reduced potential debt.
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