Marty lived in an apartment, above someone’s garage, a short ride from the refinery where he worked his whole adult life. He was a good machinist, but hard to talk with. In fact, no one could understand much of anything he said.
Polynesian words littered his English.
Chevron is a good employer. They take care of their people.
Their credit union people know him well because he does all his banking in person. He doesn’t even have a checking account! If needed, the teller makes out a money order.
A machinist who doesn’t have any expensive hobbies and lives a frugal lifestyle can accumulate a lot of money. Especially with a company match that once paid up to 16 times the 2% employee contribution into the employee stock ownership plan.
Retirement was the result of a stroke which complicated his existing communication problems.
When he created the accounts into which he rolled his seven-figure retirement plans, he didn’t have any idea who to name as beneficiary. So he picked his many Hawaiian siblings.
Ralph Bender here for Enduring Wealth Advisors
Imagine my surprise when six months after retirement, Marty appeared for a client checkup meeting with a wife, her sister, and her sister’s boyfriend.
They needed to take hundreds of thousands of dollars out of Marty’s accounts to buy a big house in an upscale neighborhood.
Fortunately, we’d built financial flexibility into his account management, allowing us to provide the needed funds without serious damage to his retirement plans.
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