Developing Your Plan
If you did not read yesterday’s Words-of-Wisdom blog, you’ll want to read it as you must first Define Your Future (DYF), before you can Develop Your Plan (DYP). Sounds complicated, but it’s not. We’re simplifying the process to get the following:
- Gen-Y investors on the right track toward their retirement futures as they start their journey
- Gen-X back on the right track if they’ve unknowingly veered off of it
- Baby-boomers to understand what their options are based on what track they might have inadvertently drifted to
Once you’ve defined your future, it’s now time to ‘Develop Your Plan’ (DYP) toward that retirement vision you dreamed about yesterday. Here’s all you need to do to see if you’re on the right track or if you possibly need to switch tracks. There is no right or wrong answer to this exercise; it’s only meant to help you understand where you are and how you can bridge the gap to where you want to be when you retire.
Before you click the calculator below, you’ll need to note the following:
- You’re age
- How much you make – IMPORTANT: This amount should be an estimate based on the assumption you were going to retire today and live the lifestyle of your dreams starting tomorrow. How much income would you need on an annual basis to realize that lifestyle starting today? (Don’t forget to include the cost of healthcare and taxes.)
- How much you’ve saved so far
- How much you’re saving per month
- Your investment preference
Here’s where the fun begins: This calculator is interactive so once you’ve answered the five questions, you’ll then be able to ‘Develop Your Plan’ and see what changes are necessary to achieve the retirement lifestyle of your dreams!
Tomorrow we’ll focus on some action items to make your plan become a reality. Now, click the image below and let the fun begin!