Rebecca, Widowed at age 68
For the first time since she married David 47 years ago, Rebecca was in charge of the checkbook. David had made most of the financial decisions, signed tax returns, met with their attorney, and made decisions on their insurance and investments. Since the day that David passed away, Rebecca has felt overwhelmed by a world turned upside down.
The need to understand her finances and determine whether she has sufficient resources has only added to the tremendous amount of pressure she feels. Well-intentioned friends are offering unsolicited advice, and Rebecca fears that some of the advice she is receiving is not so well intentioned. The benefit payment from David’s life insurance policy has actually made things worse; while Rebecca is grateful that David planned ahead, she is afraid that she will make a mistake with the money. People are telling her she needs to invest the money right away, and she just doesn’t feel ready to do so. A real sense of panic is setting in.
Rebecca knew she needed help, and she turned to Norman Politziner, CFP®, CeFT® of NJP Associates in Highland Park, NJ. He is trained to work with people in transition. He listened to Rebecca and understood that she wasn’t “stuck” in her decision making, she just needed time for other things to settle down. Norm knew his role was to help smooth out her uncertainty and fears while she got to ‘the new normal’ that was going to be her life.
With Norm’s help and at her own speed, Rebecca began to make some decisions about her financial future. She came to understand the role of his expertise and began to trust her own decision-making more. It took some time, but she gained the confidence to move on with the next stage of her life and regained peace of mind.
Tom & Sarah, Focusing on Retirement Now That the Children are Grown
Tom, 55, is the owner of a small contracting business with projects throughout Central New Jersey, and his wife, Sarah, is a 52-year old HR manager. Together they earn more than $250,000, and have managed to put two children through college and one through law school. Now, with the education expenses behind them, Tom and Sarah have begun to focus seriously on their retirement. They have spent most of their money on the children, and realize they have not set aside enough for themselves and are beginning to worry.
Tom’s accountant recommended that he meet with Norman Politziner, CFP®, CeFT® of NJP Associates of Highland Park, NJ. Norm helped Tom and Sarah create a detailed cash-flow plan, showing the couple their projected expenses through retirement. Norm explained to Tom that he could use the structure of his business to create different benefit and insurance strategies that would help him build assets that would be beneficial both for retirement and when Tom sells the business.
Tom and Sarah were relieved to see a strategy that offered a roadmap for financial independence and security in their retirement years. Tom, in particular, appreciated Norm’s insight and experience helping business owners structure their companies as a platform for building wealth.
Mike, a Physician with Questions about his Investements and Finanical Strategies
Mike, 45, is an orthopedic physician with a medical practice in Flemington, NJ, wondering if he is being aggressive enough with his investments. Family obligations and running the practice leave little time to focus on his finances in general and investing in particular. Mike works with a stockbroker, but sales commissions seem high and his portfolio isn’t growing as quickly as he had anticipated. Mike’s stomach churns a bit whenever the markets move suddenly. Mike would like to sell the practice when he is in his late 50’s and he doesn’t see how he will have enough money to retire.
Tim, an anesthesiologist and one of Mike’s colleagues, recommended him to Norman Politziner, CFP®, CeFT® of NJP Associates. Tim confided in Mike that he had similar concerns about his retirement finances, investments, and strategies to sell the practice, and Norm had shown him some insightful ways to use the practice as a platform for amplifying the assets available for retirement.
Mike met with Norm. Together they created an approach that allowed Mike to feel better about all the aspects of his finances. With an integrated plan and investment portfolio that truly matched his tolerance for risk, he was able to build wealth and ultimately sell the practice, Mike’s stomach no longer churns and he is back to focusing on what he loves: caring for his patients.