A 53-year-old Phoenix woman wants to get through the next few years and plan for retirement. Here’s what a financial adviser suggests.
The Wall Street Journal | January 24, 2020
Barbara Kelly’s husband, Martin Kelly, died of Covid in July. Now the 53-year-old from Phoenix needs a financial road map to get through the next few years and, ultimately, plan for retirement.
Ms. Kelly currently lives with her three sons, ages 22, 20 and 17. For 16 years, she stayed home to care for them. In 2013, she began working at a real-estate investment trust and now earns $66,000 annually.
Ms. Kelly has three separate individual retirement accounts: $12,000 in her own IRA, and $94,000 and $48,000 in two that used to belong to her husband. Currently, she isn’t contributing to her IRA. She also has $45,000 in a 401(k) as well as a tax-deferred annuity worth $52,000. In addition, she has $77,000 in an investment account—mostly containing individual stocks—and $200,000 in cash.
Advice from a pro
Stacy Francis, a certified financial planner at Francis Financial in New York City, says Ms. Kelly needs to make a few big changes to shore up her finances now and begin beefing up her savings for retirement…
To read the original article and learn what advice Stacy Francis suggests for Ms. Kelly, visit: Her Husband Died of Covid. Now She Needs a New Financial Plan.