Overview
Jim's current Social
Security income is $1,450 per month. The Millers
have no other pensions or sources of ongoing
monthly income. Jim and Sandra have $625,000
in taxable investments and $175,000 in tax-deferred
assets. Additionally, Jim has set aside $30,000
in a savings account to supplement his Social
Security income. Currently they are attempting
to live on $3,000 per month, so the $30,000
reserve that is providing the additional $1,550
per month to supplement Social Security will
be used up in about 20 months.
The Millers' house is
paid off and they have no other debt. All
investments are very conservative and income-oriented.
Jim is uncomfortable with taking risks with
his investments.
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This report was prepared by Chartered Financial Analyst Richard Salmen, CFP, Enrolled Agent. |
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