Hope Forma, 45, is a single parent of two teenagers. She is currently attending school part-time to earn a master's degr

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Hope Forma, 45, is a single parent of two teenagers. She is currently attending school part-time to earn a master's degree. She expects to finish in four years, which is exactly when her alimony will end. She earns $72,000 a year and receives $192,000 per year for next two years and $128,880 for the two years after that. She expects her income to at least triple when her schooling is completed.
Forma's short-term goals are to complete her degree and sell her $2.85 million home and move into a smaller dwelling that is more affordable. She also wants to send her children to university and save for her future. "I know I need to downsize my lifestyle to be able to save for retirement," she notes.
The house has a $1.97million mortgage, which would leave $880,000 (minus selling costs) of profit when it is sold. Forma would then like to buy a condo for less than $1.5 million so that she is no longer responsible for excessive maintenance and yard work.
Forma has $480,000 of cash assets, $433,524 of invested assets (including a $402,000 URF at Unit Trust), her home, and a vehicle and personal property worth $198,000, for total assets of $3,528,000. Her only debt is the mortgage, leaving her with a net worth of $1,558,000. Her other cash assets are in a statement saving account earning 0.25% interest.
Forma noted that she has a will but it needs to be updated because of the divorce. She has $600,000 of whole life insurance and an employer-paid health plan that covers her and the children. She has no disability or critical illness insurance.
Forma estimates that she spends $30,000 monthly ($360,000 a year), which is $8,000 more than the $22,000 she receives monthly ($264,000 a year). She's been using money received in her divorce settlement to make up the difference. As she's seen her savings dwindle, she has become more concerned about her finances and knows she needs to "do something" to get things in balance.
Forma would like to retire sometime between ages 59 to 64. She anticipates receiving National Insurance, plus an employer pension, plus her current URF and whatever else she saves in the future. Upon retirement, she'd like to travel and be financially independent of her children in her old age.
Required:
Assuming the role of a financial advisor, answer the following :
1: Profile: identify age life stage, self-reported goals.
2: Strengths identify and explain
3: Weaknesses identify and explain
4: Goals; short, medium and long term, recommend based on Hope’s wishes.
5:Strategy to achieve goals and improve overall financial situation.
6: Conclusion