Imagine you're 60 years old and you have a little more than $4 million in your retirement

portfolio. You're probably feeling like you're on track for a good retirement, but you

might be asking yourself, how much can you actually spend once you get there? And what can you do

to maximize this portfolio that you've worked so hard for over the course of your lifetime? That's the

exact situation that Tommy and Monica find themselves in today. We're going to go through their plan because Tommy and Monica have been so focused on saving, on working, on putting money away. They've forgotten to think about what do

we actually want this to do for us? What can retirement look like if we take the right steps today

to get there? So let's go through their financial plan together to show you where they are,

what their goals are, what strategies exist so that you can see how they're optimizing

this and might be able to do the same for your portfolio. Now, whether you have $4 million

in your portfolio, way more, way less, the principles that we're going to talk about today

are what I want you to focus on, not the numbers, but the principles and the framework.

So let's jump into Tommy and Monica's plan. As you can see here, Tommy 61, Monica is 62.

They have $4 million in their portfolio.

They have their joint investment account.

They have 401ks, IRAs, and then a Roth IRA for Monica.

They also have property.

So they have their property that they own. $925,000 is the value. The

annual property taxes are $7,000, and they have a mortgage that they're continuing to pay down

on that property. So this is a snapshot of where they are today. What they're wondering, though,

is are we on track? And yes, it might seem like this is a big number they have in their portfolio.

Of course they're on track. But until you've actually gone through the planning process, until you've actually worked through what do you want to do with this money and when do you want to be done working, it's sometimes difficult to know exactly what this money can do for you. So let's do that for Tommy and for Monica right now. Here's the goals that they've explained or here's the goals that they've laid out. They want to be done by 65. There's nothing magical about that number. In fact, they don't actually love what they're doing

for work today. They just always thought they're supposed to work until 65. It's what their parents

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