Duane and Paula Okazaki of Fountain Valley have plenty of money for exotic vacations and indulging in the Southern California good life.
They recently spent $18,000 to resurface their lap pool with smoke-colored pebbles to give it a more natural look in their otherwise unadorned backyard. Later this year, they're headed to Shanghai on holiday.
For The Record
Los Angeles Times Saturday June 02, 2007 Home Edition Main News Part A Page 2 National Desk 1 inches; 41 words Type of Material: Correction
Money Makeover: The May 13 Money Makeover feature in Business said that subject Duane Okazaki had his pension capped by his employer, Gulfstream Aerospace Corp. The company had changed pension plans during a change of ownership, allowing benefits to continue accruing.
For The Record
Los Angeles Times Sunday June 03, 2007 Home Edition Main News Part A Page 2 National Desk 1 inches; 41 words Type of Material: Correction
Money Makeover: The May 13 Money Makeover feature in Business said that subject Duane Okazaki's pension had been capped by his employer, Gulfstream Aerospace Corp. The company had changed pension plans during a change of ownership, allowing benefits to continue accruing.
But as they settle into middle age, the Okazakis are starting to dream a new dream: early retirement. He's 51 and she's 44. Why not call it quits at 60? There's just one catch.
"I'm just not willing to sacrifice our lifestyle," Duane says over sips of red wine after a long day at work.
Can the Okazakis continue their free-spending lifestyle and still retire early? That was the question they put to Eileen Freiburger, a Manhattan Beach-based financial planner.
Freiburger said the couple was smart to seek help now. Many people come to her just a year or two before they want to retire, when there isn't enough time to develop a strategy. As Freiburger reviewed the couple's finances, it became clear that there would have to be trade-offs.
On the positive side, the Okazakis have a combined income of $173,000 annually. Duane works at Gulfstream Aerospace Corp. in Long Beach, where he oversees the procurement of imported silk, wool carpets, gold-plated faucets and other goods used to trick out the cabins of private jets. Paula is a sales representative for Grupo Bimbo, the large Mexican bakery company that owns Oroweat and other brands.
The two always wanted children of their own, but, Paula says, "it didn't work out." Instead, they lavish affection, gifts and support on a niece and three nephews, who are frequent guests in their 2,400-square-foot home.
Not having children has helped their bottom line. "When I work with clients who don't have kids, they are always more financially successful," Freiburger says. But the Okazakis have found plenty of other ways to spend their money.
"We are gadget freaks, so we buy electronics," says Duane, who recently built his home computer from scratch, using two monitors, for $4,000.
"I know we're going to get yelled at," Duane said before the first meeting with the planner. He expected to be accused of "spending like a bad dog."
Many of these purchases end up on credit cards. Duane carries more than $3,000, and Paula nearly $5,000, in charge card balances. For the privilege, they both pay close to 10% in interest.
