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Without being given a list of expenses for Phil and Marcia it is hard to figure out a plan for them to initiate. I came up with one and although the figures may not be the right ones, depending on where they live and purchase their different insurances from, the concept is still the same. I went on the assumption that because they have no children and at this time are probably not planning to they live in a fairly upscale home. I also went on the assumption with the kind of employment they both have that they do not live in a rural area where things tend to be not as expensive. I also assumed they each have their own vehicle with Marcia's car being paid for and Phil's SUV not.
The thing I think about first when I consider the fact that they are just now really beginning to consider their investment planning options is that planning is the operative word. None of it will happen overnight, they need to take what they have and start from the beginning with that amount. I assumed the following for their monthly expenses and then decided after reading and research what I would do if I were lucky enough to have the same.
Mortgage Payment $800.00
Vehicle Payments 400.00
Utilities &nbs ...