Do you have enough to retire?
UNDERSTANDING YOUR ABILITY TO RETIRE
OBJECTIVE
People often ask: “Am I on-track for retirement?”
The purpose of this program is to help you set realistic retirement expectations by giving you a snapshot of how your current savings and investments align with your ability to retire at your desired retirement age.
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STEP 1
RECEIVE A LINK TO ENTER IN YOUR CURRENT FINANCIAL DATA
Once you have signed up to do a retirement analysis, you will receive a link to our eMoney Wealth Management website where you will be walked through a fact finder to enter in your financial objectives and information regarding your current financial situation.
This means we will rely on the accuracy of your data entry to understand your current situation.
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STEP 2
WALK THROUGH THE DATA ENTERED AND PLANNING ASSUMPTIONS
We will walk through the data entered with you to confirm the accuracy and make any needed adjustments. We will then assign planning assumptions to refine the data and help you understand the basis of the retirement projections (longevity, retirement expenses, growth rates for income, Social Security, investment rates of return, etc.).
This will confirm that we understand the data you entered and you understand the assumptions behind our projections.
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STEP 3
REVIEW YOUR ABILITY TO RETIRE AT YOUR DESIRED RETIREMENT AGE
We will run the projections to show you how much of your retirement is on track to be funded (how long the money you have saved for retirement is projected to last). Then, we will run a stress test of those projections to account for differing market conditions. The stress test runs a thousand different market return scenarios to provide a better sense of security on your ability to retire even in situations where the market conditions may be less favorable for extended periods of time.
This will give you clarity around whether what you currently have saved will be enough to cover your expected retirement needs.
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STEP 4
REVIEW OF ALTERNATIVE RETIREMENT SCENARIOS
Based on the outcome of the initial projections, we can then run through some side-by-side comparisons to see what impact retiring at different ages, changing expenses in retirement, or changing your investments can have on your overall retirement success.
This will help you understand the overall impact of making any changes to your plan and evaluate how impactful certain changes could be.
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STEP 5
RETIREMENT ANALYSIS OUTCOME
We will provide you with an overall opinion on whether you are prepared to retire at your targeted age and potential adjustments for consideration to improve your situation.
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