IFW Retirement Roadmap Case Study #1

Nelsie Farnacio contacted the Institute of Financial Wellness for the same reason as many other Americans: she was waking up at night worrying about running out of money in retirement.

The 64-year-old New Jersey hospital nurse and her husband Oscar Farnacio, also a nurse at the same hospital, wanted to minimize the family’s tax implications and maximize the value of their life’s savings while leaving a legacy for their three children. 

Like many other Americans, the Philippine immigrants had been investing their savings for almost two decades through their bank in a few accounts yielding modest returns, but their gut told them they needed a proper strategy.

Nelsie came across the Institute of Financial Wellness online, and after watching the webinar with her husband of 40 years, the couple finally felt they were on the right path. They had no question what they needed to do: connect with one of the IFW’s financial professionals to analyze their situation and develop the customized solution they needed.

“We felt comfortable right away with our financial professional Dwaine Thompson, who was very helpful and professional and gave us the information and guidance we needed,” Nelsie recalls.

Dwaine immediately recognized that their scattered accounts needed to be consolidated, and he connected the couple with life insurance and long-term care insurance plans. He also made sure their annuity accounts had a lifetime income rider so they could never run out of money. Additionally, the insurance program leaves a tax-free death benefit guaranteeing a significant legacy for their three children, who followed their parents’ footsteps in healthcare and became nurses and doctors.

“We are very grateful that the IFW exists – they provide Americans with the information and resources we need, which we could not find anywhere else,” Nelsie says. “Our family feels more secure and confident today than we ever have, and finally I don’t find myself waking up at night worried about our retirement.”

Nelsie and Oscar Farnacio: At a Glance

 The Problem: The Philippine immigrants had worked hard to save their earnings as hospital nurses and, as they neared retirement, they worried about running out of money in retirement and giving away too much of their savings to Uncle Sam. The New Jersey couple had been investing their savings for almost two decades through their bank in a few accounts yielding modest returns, but their gut told them they needed a proper strategy. All this was giving them anxiety, and causing Nelsie to lose sleep.

The Solution: The Institute of Financial Wellness put the Farnacios on the path to “Get There” and achieve their best lives by enabling them to select a well-rounded financial professional who developed a customized solution. He consolidated their scattered accounts, connected them with life insurance and long-term care insurance plans, and made sure their annuity accounts had a lifetime income rider so they would never run out of money. The insurance program also leaves a tax-free death benefit guaranteeing a significant legacy for their three children.

The Outcome: The Farnacios finally feel peace of mind – and are enjoying a full night of sleep – knowing their family is protected and positioned to achieve their goals.