Planit:Details of Objectives
Adding in Other Objectives
In addition to the standard objectives set up by the system automatically, you can provide a very powerful life goals analysis if you explore your client’s other goals in life. A few additional objectives could be home renovations, purchase of a boat, roof on a house or maybe a retirement cruise. You can do this by clicking on the "Add" button.
You will need to provide a description of your goal, then you can decide the Ownership for this goal, remember that goals can be set up to be applicable for both the client and spouse (joint) or just for the client or just for the spouse. In the retirement life goals analysis that’s done, all goals will be incorporated. However in the Death or Disability analysis, goals for the Client will only apply on the Spouse’s death, not on the client’s death since the spouse isn’t concerned with that goal.
You then can provide the Amount per year for this goal along with the From and to year, this is when will the goal begin and end. If this goal is for just one year then the from and to year will be the same.
The Index Rate defaults to the inflation rate set on the Personal Information screen but may be adjusted on each objective as required.
% On Death or Disability – Allows you to identify how each objective will be impacted by death or disability.
Model As – One very sophisticated feature of Planit is the ability to have the system model a solution to your client’s shortfalls. We call this the Auto Model process. However, when this modeling takes place, we need to know how to treat these revenue streams in the event that the client has to defer his/her retirement due to their inability to achieve their objectives. The “Model As” field allows you to identify if this particular revenue stream has a “Fixed Period” associated with it . . .meaning that it will be paid out on those dates and a change in the retirement date will have no impact. This would be the case for something like an inheritance. However, with a pension as illustrated above, if the client has to work longer, we have to recognize that the pension will also be deferred. Thus we set this item to “Start During Retirement”.
Once you are satisfied with the entries on this screen, click on the “Next” arrow icon.