"We want to make the most of our opportunities. What are we missing – and what else can we be doing?"

A couple in their early 30s approached us, wanting to make sure that they are making the most of their opportunities. Our team met with them to learn more about their situation. They are progressing in their careers, were making headway on repaying their student loans and were in their first home. They had also recently celebrated the birth of their first child! The couple asked us to review their student loan strategies and were curious about whether it would make sense to refinance their mortgage. (Their student loan repayment strategies were very reasonable and they had a 30-year fixed rate mortgage at a very low rate; refinancing was not going to make much sense.) They were interested in investing for the long-run and were already contributing to their 401(k) plans at work. Even after their contributions, and with relatively modest monthly expenses, they had a cash surplus. And their big question was, where should it go? We talked about what it would mean for them to pay some or all of their son’s college education; it became clear that this is a top priority. We ran projections and created a plan for them to contribute to a 529 Plan. Because they would still have some excess cash, we explored different strategies including backdoor Roth contributions but ultimately found that it was more important for them to increase their taxable assets. Additionally, we referred them to an estate planning attorney for help in drafting important documents for their family.

*These do not represent actual client experiences rather demonstrate a hypothetical client relationship and how The King Cruse Bitter Group can serve clients unique situations.