Annuity Expert Panelists are:
Stephen J Avery
Regional Vice President
Nationwide Financial Services
James A. Daniello, CFP(r)
Regional Vice President
Sun Life Financial
Brian Graime
Regional Director: Manhattan and Mid-Atlantic
Personal Retirement Savings
Security Benefit
More about Brian Graime
Case Study of Mr & Mrs Smith "Help, I don’t want to outlive my Savings!
Jim and Mary Smith are both 60 years old. They have 3 children, 2 of which are college educated and living on their own, while the 3rd child has special needs and will always need assistance with daily tasks. Jim recently finalized the sale of the business that he and Mary ran together. The net proceeds from the sale are $700,000, which they have placed temporarily at their local bank. In addition to this, Jim and Mary both have SEP IRA accounts at Vanguard worth $250,000, which are invested 100% in short and intermediate term bond funds, and a joint savings account at their local bank with a $50,000 balance. Social Security will provide a total of $25,000 per year. They anticipate retirement expenses of $65,000 per year during retirement, and would also like to be able to spend a little more for traveling and vacations every year for the next 10-15 years.
In general, Jim and Mary are more conservative and prefer not to take risks, but are emphatic that they want to do what they need to in order to keep up with a 3% inflation rate. They also wish to leave a nice legacy for their children as well as ensure that their special needs child will be afforded the same lifestyle he is currently used to.
