Morgan and Santiago don’t want to wait until retirement age to start a new chapter. Morgan is a pharmacist at a public hospital and Santiago is a business executive. They have been grinding away at high pressure jobs for over 20 years. They were constantly stressed out, working long hours, and had little time for leisure. They enjoyed high salaries and luxury items, but the pandemic made them rethink their priorities.
They yearned to simplify their lifestyle and were willing to make tradoffs they hadn’t considered before. They wanted to find mission-led work, enjoy their hobbies, and potentially move internationally to Portugal.
When they started their careers, they hadn’t considered changing course off the default path, moving to a different city, or retiring early. But they worry if they keep going full speed they will really burn out. At the same time changing course felt like a tremendous risk and one they were unsure they could take.
It was important to start with helping Morgan and Santiago figure out what was most important.
After many soul-searching conversations, some with their financial planner and some on their own, they decided that the best path was to set their sights on building enough wealth so they didn’t have to continue working at the same level salary.
Together they designed a plan that accomplished the following:
Change doesn’t happen overnight and they continue at their current employers. But seeing their dreams within grasp has given them motivation to save while looking forward to an adventurous future together.
With the support of their financial planner, they understand how their portolio will change once they leave their jobs, have a withdrawal strategy in place, and someone to lean on for tax planning so that their wealth continues to grow even though they earn less. Most importantly, they feel confident that they can make the numbers work, adjust if needed, and take a leap.
Please note that this case study is purely hypothetical and does not pertain to any existing clients of Modern Family Finance. It is important to understand that no aspect of the content should be interpreted as a guarantee that you, as a client or prospective client, will achieve similar results or levels of satisfaction if you engage Modern Family Finance for financial advisory services.