Professional Couple 

Client Objective:

This young professional couple sought assistance to help accomplish their long-term goal of retiring in their mid-50s without requiring decreases to their lifestyle in retirement. Additionally, prior to retirement, they wanted to fund their children’s private school education, purchase an investment property, and travel internationally with their children annually. The couple had some educational debt outstanding as well as a jumbo loan on their primary home. The wanted to simplify their financial life by paying down and consolidating their debt.  Further, they wanted to establish a financial plan to assist in accomplishing their goals.

Our Advice:

Financial Planning

Together, we established an annual goal for this couple to contribute to their brokerage account to accelerate their retirement. The husband’s pay structure included significant bonuses twice per year. To help manage day-to-day cash flow considerations, we advised the couple to live on their combined base salaries. The bi-annual bonuses were dedicated to funding the brokerage account and to setting aside money for traveling and education expenses. Creating the psychological “buckets” of money helped this client conceptualize what money was available for daily spending versus savings. In establishing the goal for annual contributions, we showed the client the projected retirement age based on the amount saved annually. This helped the client prioritize their goals – namely, annual spending on travel, education, and general living expenses versus early retirement – to determine the right balance for their lifestyle.

Wealth Enhancement

Given the favorable interest rate environment, we encouraged the couple to consolidate their debt and to refinance. Further, we encouraged this couple to pay off all smaller balance debts, including student loans and cars to minimize the total debt positions open to help alleviate mental stress.  


Tax Mitigation

Given the high taxable income, we encouraged both spouses to maximize their personal contributions to their 401(k)’s. Further, we encouraged them to open a Donor Advised Fund to be able to execute their charitable giving in a tax efficient manner.

Wealth Transfer

We worked with the couple’s estate attorney to confirm that the accounts were titled correctly and reflected the appropriate primary and contingent beneficiaries.


Wealth Protection

We performed a comprehensive review of the disability, life, and umbrella insurance policies to make sure their financial goals would still be met in the event of a death or incapacitation.


Education Planning

We discussed the benefits and concerns with the Florida Prepaid Plan versus a traditional 529 to assist the client in determining how to best meet their educational savings objectives.

Charitable Giving

In addition to funding charitable contributions through a Donor Advised Fund, the clients are planning on using Qualified Charitable Distributions (“QCD’s”) from their IRAs once they are 70 1/2 to support the causes important to them. This topic will be revisited during future planning meetings or as their wealth increases over time.

Client profiles are hypothetical and presented for illustrative purposes only. Ullmann Wealth Partners does not know whether its clients approve or disapprove of its services.

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