Beacon Financial Advisors
Discovery Meeting
Fred & Wilma Smith
May 15, 2026
Kansas City, Missouri
01
Background
The Smith Family
Fred Smith
Software Engineer
Date of BirthJanuary 1, 1960
Current Age66
Annual Salary$150,000
Planned Retirement2028 — Age 68
The Smith Household
Married Couple · Kansas City, MO
Adult Children2
Grandchildren3
Grandchildren Ages6 months – 16 yrs
529 Savings$50 / mo × 3
Wilma Smith
Accountant
Date of BirthJuly 1, 1965
Current Age60
Annual Salary$75,000
Planned Retirement2029 — Age 64
“I want to leave an inheritance for my children and I’m worried about the taxes they will pay.”
Family Goals & Legacy
- Saving $50/month into 529 plans for each of their three grandchildren
- Want to leave an inheritance for their children
- Concerned about the taxes their children will pay on inherited assets
02
Cash Flow
Income
Current Combined Income
$225,000
per year
Fred: $150,000 Wilma: $75,000
Are there any expected income changes before retirement?
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Estimated Retirement Income
$84,000
per year (Social Security estimates)
Fred SS: $48,000 Wilma SS: $36,000
No pension. Social Security based on client estimates.
Planning Consideration — Income Gap at Retirement
Current combined income is $225,000/year. Estimated Social Security totals $84,000/year — a significant reduction of $141,000 annually. Building a retirement income plan and exploring portfolio withdrawal strategies will be a primary focus of our engagement.
Questions
- How to bridge the gap between retirement and collecting Social Security
- When should you collect Social Security to optimize your financial plan?
- How to create income in retirement
03
Net Worth
Balance Sheet
Assets
| Account Type | Owner | Value |
|---|---|---|
| Savings | Joint | $50,000 |
| Home | Joint | $450,000 |
| 401(k) at Fidelity | Fred | $1,500,000 |
| IRA at Fidelity | Wilma | $500,000 |
| Roth IRA at Vanguard | Wilma | $40,000 |
| Total Assets | $2,540,000 |
Liabilities
| Liability | Payment | Balance |
|---|---|---|
| Mortgage (30-yr @ 4.0%) | $1,500 / mo | $50,000 |
| Total Liabilities | $50,000 |
Estimated Net Worth
$2,490,000
Questions
- How much are you contributing to your current 401(k) plans?
- How much of your 401(k) is tax-deferred versus Roth?
- Are you contributing to your Roth IRA?
04
In Fred & Wilma’s own words
Your Questions & Goals
Retirement Readiness
“Am I ready for retirement?”
Fred retires 2028 at age 68, Wilma 2029 at age 64. The core question: will their assets sustain their lifestyle throughout a 25–30 year retirement?
✗ No formal retirement income plan yet
Tax Planning & RMDs
“How can I minimize taxes, especially RMDs?”
Currently self-filing taxes and not satisfied with income sheltering. Fred’s $1.5M 401(k) will generate significant Required Minimum Distributions starting at age 73.
✗ No current Roth conversion or RMD strategy
Legacy & Inheritance
“Leave an inheritance — minimize taxes for children.”
Estate plan is already in place. Looking for tax-efficient strategies to transfer wealth to heirs and minimize the tax burden on inherited retirement accounts.
✓ Estate plan in place (Will / Trust)
Other Questions & Concerns
Portfolio & Tax Snapshot
✓ Pleased with portfolio diversification & performance
✗ Not satisfied with tax management / income sheltering
✗ Preparing own taxes — interested in professional guidance
05
Action Plan
Next Steps
1
Confirm questions, goals, and scope of project
Review this summary together and ensure we’ve captured everything that matters most to Fred and Wilma before proceeding.
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2
Proposal: agenda plus fee quote
We’ll provide a written proposal outlining the financial planning process, deliverables, and our fee structure for your review.
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3
Schedule financial planning meeting
Set a date for the full planning engagement. Gather most recent Fidelity (401k & IRA) and Vanguard (Roth IRA) statements.
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4
Homework and plan preparation
Run retirement income projections for 2028–2029. Model Roth conversion & RMD minimization strategies. Review estate plan for tax-efficient legacy transfer.
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5
Presentation meeting
Present the completed financial plan with recommended strategies for retirement income, tax reduction, and legacy planning.
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6
Implementation and support
Execute agreed strategies, coordinate with attorneys and CPAs as needed, and provide ongoing monitoring and support.
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