Case Study – Jean
• Age 57
• Annual Income $65,000
• Net Worth $485,000
• Recently Divorced
Jean Kitching, 57, is feeling the financial fallout from a divorce. Her lifestyle has dramatically changed with the loss of her husband’s income and she fears retirement looming on the horizon. She plans to work until age 70 in order to play catch-up. Then she wants to move south to a cheaper location in Virginia or the Carolinas to retire.
Jean has been gradually spending money received from her divorce settlement to make ends meet. The simple fact is that she can’t afford her lifestyle and sees her savings account declining rapidly. Although she received a nice settlement through her divorce, she fears that she will need to use this to maintain her lifestyle and fears the long-term consequences.
She has two grown children and three grandchildren under seven. Her greatest fears are running out of money and being a burden on her kids should she need care when she is older. Additionally, she would like to contribute to her grandkids college funds and leave them something when she dies but can’t see how she can.
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