Morris County woman's frugality will pay off in the long run The Star-Ledger NJ.com
Morris County woman's frugality will pay off in the long run By Karin Price Mueller/The Star-Ledger April 18, 2010, 4:00PMDarcy is a single woman who wants to make sure she doesn’t outlive her retirement funds.
She’s got longevity in her family and, at age 60, she figures she’ll need her nest egg to last three decades. But those years won’t be without change.
"I plan to relocate hopefully within this year to Arizona to be closer to my daughter," Darcy says. "I know I will need to find a job with health benefits for five to six years minimum, but at age 66 I hope to be able to retire and if I want, to work part-time."
Darcy, whose name has been changed, has set aside $402,729 in a 401(k) plan, $22,021 in IRAs, $32,807 in certificates of deposit, $6,492 in money markets, $4,109 in savings and $2,296 in checking. She has a small home equity line of credit balance but is otherwise debt free.
The Star-Ledger asked Douglas Buchan, a certified financial planner with Tilson Financial Group in Watchung, to help Darcy examine her prospects for moving and to see if her retirement plans are reasonable.
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