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If your clients indicate that they wish to work longer you would enter this information in the parameter called "Retire By". The field called "Minimum Retirement Lifestyle" is where you can indicate the minimum amount the clients would want to have as a lifestyle within retirement.
The "Adjust age before income" checkbox is for cases when the clients say "Well I would rather work longer in order to achieve my target income in retirement" if this is the case with your clients you would leave this checkbox checked. However if you clients would rather have their retirement lifestyle reduced and not work longer then uncheck this box.
The Auto Model process will compare the ranking of the other life goals with the ranking of the retirement goal to determine if any of these other goals should be eliminated. The analysis also recognizes cases were a high ranked goal cannot be achieved regardless of whether retirement is delayed or any other tactic. These unrealistic goals are removed.
If the client’s target age had a higher priority than the target income, the next step will be to increment the client and spouse’s ages one year at a time until their individual thresholds are reached. If the shortfall is eliminated at any time through this process the modeling will stop. If a shortfall still exists once the thresholds are reached, the process will continue.
If the clients target income was a higher priority than the target age, then the income target will be reduced in 20% increments until the threshold is reached. Again, should a surplus result at any time during this process, the modeling will stop.
Should both the income and age thresholds be reached and a shortfall still exist, as a last resort the system will continue to reduce the income target until a surplus is found. This means that a solution will be found regardless how unpalatable it might be. This is because this is the reality for the client. It helps them appreciate how unrealistic their objectives might be.