Will You Have Enough Money to Retire? Benefits of Online Financial Planning

Will we/I have enough money to quit (RETIRE) my current job?

It’s the million-dollar question.

If so, what choices will we have if we quit?

If you’re ready to examine this and want to do it while at home then you should know you can do it with my help from your computer screen.

What it’s like to plan on a shared computer screen?

One of my favorite clients (my sister and her husband) decided it was time to do a serious review of their retirement planning.  They live in Redmond, Washington, and sharing a computer screen view of their financial plan was the only way to go.

Like most people in their 50’s, they are not completely sure what their future will look like.

How does a retirement planning meeting with a screen share go down?

We set the meeting up while texting a day and time that worked for all of us.  I have a Schedule Link that gives you a choice of a quick call, a Zoom computer screen share, or an in-office meeting.

Once we had our meeting set up it was time to make sure we had good data input. Our planning software allows for investment and liability account balances and holdings to be pulled in directly from your password-protected institution’s website. Account balances can also be entered manually.

Click to View Plan Software

Once you’re logged into our financial planning software website, you only click a button and give me a co-browse code and instantly we are sharing a computer screen while talking on our cell phones.

• We began our meeting by going over the investment assets listed in their plan. This included 401k’s, bank accounts, college savings plans, IRA’s, etc. A few accounts previously entered were outdated or closed and we deleted those from their plan.

• Next, we discussed their Needs, Wants & Wishes. This included the critical need to plan for monthly retirement income, health care, travel budget, and other future needs for a new car and wedding expenses for their daughter.

• We also made sure to include their earned pensions and potential social security income options.

• Once we had a starting point for their future needs and resources, we assigned a growth rate for their portfolio and were ready to take our first look at the probability of their plan being successful.

This all took only about 40 minutes.

The next step was to discuss “What-if” options.

For example:

• What-if we downsize our home?
• What-if we want to buy a 2nd home or condo?
• What-if I work more years, retire sooner than we modeled or worked part-time after retiring from my current job?
• What-if we earn a higher rate of return

Going through this exercise and seeing the potential results was quite the eye-opening experience for my sister and her husband. They were pleasantly surprised and significantly more financially content than prior to the meeting.

Needless to say, it was a well-spent hour of their life.

I encourage you to consider setting up your next financial planning sooner rather than later.

Click here to talk with me.