Retiree’s financial summary
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Subject: Patricia Ricci, 67
Assets: Home valued at $750,000; $80,000 in stocks and mutual funds
Liabilities: $124,000 mortgage; $6,000 credit card debt
Financial goals: Reallocate investments and prepare for long-term-care needs
Recommendations: Sell stock to pay off credit card debt. Reallocate existing investments into a more conservative mix of stocks and bonds, putting two-thirds into highly rated bonds and the remainder into an indexed mutual fund holding large-company stocks. Sell house to help prepare for long-term care as her multiple sclerosis progresses. Investigate whether she can get long-term-care insurance through the California State Teachers’ Retirement System.
About the planner: Linda Barlow is a certified financial planner in Santa Ana.
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