Getting investments in order

George also has an inactive 401(k) plan from his former employer, American Greetings, in a Vanguard account. The funds are invested in a 2015 Target Retirement fund. George is looking for guidance on what to do with these assets. Their current employer, Interstate Mini Storage, offers medical insurance for the Timms, but it does not provide a pension savings plan.

George and Janice each make $15,000 per year. Janice is eligible to take Social Security in January 2008 when she turns 62. The Timms are wondering if it is wise to take Social Security at age 62 (the payout would be $1,100 a month). An alternative would be to wait for the higher payout at full retirement age ($1,400 a month at age 66).

George is in good health, but Janice has had some health problems. The couple has a $40,000 life insurance policy on George and pay $40 a month for the coverage. The policy has $8,700 of cash value currently. They carry their auto insurance with Nationwide and intend to get their homeowners policy also through Nationwide. Their auto policy limits are $100,000/300,000 for bodily injury and uninsured/underinsured motorist coverage. George and Janice want a reassessment of all their insurance needs.

George has two children from a previous marriage and Janice also has two children from a previous marriage. There are no children from their union. George has complications in his contingent beneficiary designations, but is expecting the children to work out the details. George and Janice would like to solidify their estate planning. They have no will, power of attorney or advanced directive.

Our plan for the Timms

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	This report was prepared by Andrew Tignanelli, CPA, CFP, and president of The Financial Consulate in Lutherville, Md.