Formulate a simple financial plan for your clients, Lany & Margie. Address their concerns and recommend suitable strategies that will meet their needs. Make appropriate assumptions if necessary and address your concerns or limitations, if any. Use point form to highlight your recommended strategies and give a brief summary at the end. Circumstances Larry is now 53 and has worked for the same company for 32 years. He never thought he could retire before age 62. He and his wife, Margie, would like to retire early so they can enjoy their hobbies and spend time with their grandchildren. Since most of their net worth is in the private stock of Larry's company, they do not have much experience investing money and generating income from their investments. They have many financial goals at the moment: They want to know if they can retire at age 55. They want to know the benefits of working to age 57 when they get 100% of their medical benefits paid by the company. They want to know if they should diversify Lany's company stock They want to know where their income will come from at retirement. They want to be sure they don't have to ever go back to work, because they are already financially secure They want to set up a trust for their grandchildren to pay for their future education when they both pass away. The Numbers Larry ears HKD800,000 per year and would like to retire at age 55. He would like to replace 100% of his income at retirement (1.e. continue to maintain the same income after retirement) but would like to spend some money right away on a new car and take several trips with Margie. If Larry works until age 57, his company will cover 100% of the cost of health insurance for both Larry and Margie. Margie's mother is currently in poor health and Margie is concemed about needing to get some help taking care of her Their Net Worth Statement HID 200,000 100,000 300.000 Fixed Assets Savings Account Checking Account Total Fixed Assets Variable Assets Lany & Margie's MPF Larry's company stock Total Variable Assets 880,000 11,500,000 12,380.000 Personal and Other Assets Home 3.800,000 300,000 Vehicles Personal Property Total Personal & Other Assets 600.000 4,700,000 Total Assets: 17,380,000 Liabilities 980,000 Mortgage (5 years left) Vehicle Loan (Margie) 120.000 Total Liabilities: 1,100,000 Net Worth (Assets - Liabilities): 16,280,000 Formulate a simple financial plan for your clients, Lany & Margie. Address their concerns and recommend suitable strategies that will meet their needs. Make appropriate assumptions if necessary and address your concerns or limitations, if any. Use point form to highlight your recommended strategies and give a brief summary at the end. Circumstances Larry is now 53 and has worked for the same company for 32 years. He never thought he could retire before age 62. He and his wife, Margie, would like to retire early so they can enjoy their hobbies and spend time with their grandchildren. Since most of their net worth is in the private stock of Larry's company, they do not have much experience investing money and generating income from their investments. They have many financial goals at the moment: They want to know if they can retire at age 55. They want to know the benefits of working to age 57 when they get 100% of their medical benefits paid by the company. They want to know if they should diversify Lany's company stock They want to know where their income will come from at retirement. They want to be sure they don't have to ever go back to work, because they are already financially secure They want to set up a trust for their grandchildren to pay for their future education when they both pass away. The Numbers Larry ears HKD800,000 per year and would like to retire at age 55. He would like to replace 100% of his income at retirement (1.e. continue to maintain the same income after retirement) but would like to spend some money right away on a new car and take several trips with Margie. If Larry works until age 57, his company will cover 100% of the cost of health insurance for both Larry and Margie. Margie's mother is currently in poor health and Margie is concemed about needing to get some help taking care of her Their Net Worth Statement HID 200,000 100,000 300.000 Fixed Assets Savings Account Checking Account Total Fixed Assets Variable Assets Lany & Margie's MPF Larry's company stock Total Variable Assets 880,000 11,500,000 12,380.000 Personal and Other Assets Home 3.800,000 300,000 Vehicles Personal Property Total Personal & Other Assets 600.000 4,700,000 Total Assets: 17,380,000 Liabilities 980,000 Mortgage (5 years left) Vehicle Loan (Margie) 120.000 Total Liabilities: 1,100,000 Net Worth (Assets - Liabilities): 16,280,000