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today s plan is still appropriate as their financial situation evolves.”
• Case # 3 involves a couple in their late 50s, Effie and Henry. The two kids are through school, the house is paid for, and they make ends meet and have put a bit aside.
While each is still working, they want to slow down and retire at 65. Each has an IRA. They want to use their windfall to travel some and still be able to help the kids out from time to time. Conservative by nature, they don’t want their found money blown away on speculative investments.
We asked Brian Coffin of Scott and Stringfellow in Warrenton to advise Henry and Effie. Here is what he thought they should do. If they received $5,000, $1,000 goes into a money market fund, $2,000 into the MF income of American (reinvest dividends) and the other $2,000 goes into the AIM Blue Chip Fund for growth.
If they had received $10,000, $2,000 goes into the money market fund and $8,000 into the AIM Blue Chip Fund with the dividends paid to them and the capital gains reinvested.
If Henry and Effie received $25,000, Coffin advises that they invest $2,000 in the money market, $8,000 into the Blue Chip Fund, $5,000 into a real estate trust with a six percent dividend, $5,000 in Mobil Oil stock, and $5,000 in Fauquier Bank stock.
With $50,000, Coffin gets more specific and diversified. He advises that $4,000 go into the money market fund, $8,000 into the Blue Chip fund, and $8,000 into Washington Mutual Shares. Five thousand dollars goes into each of the following: Mobil, IBM, Johnson and Johnson, Noble Drilling, Fauquier Bank and High woods — with a six percent dividend and excellent long-term growth potential in real estate in Florida and North Carolina.
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