 Jamaica |
Calculating an accurate estimate of your client’s progress towards achieving their retirement goal can be one of the most helpful and critical services you offer to a client. Using the Single Needs Illustration Calculator, calculate a well-thought out estimate of your client’s
shortfalls in reaching their most important goals, such as retirement or their children’s education.
 Length: 6min 48 sec
Solution using Single Needs Calculator:
To start off, on the Home page, click on the Single Needs Illustration under the Calculators drop-down menu.
1. The first field, Average Tax Rate, can be left at the default.
Note: You could elect to change this estimate or calculate it yourself. However, for this exercise, the average tax rate can act as a rough assumption.
2. The client and spouse are both 43, so the Birth Year can be set to {{{age}}} years ago.
3. The Requirement and Inflation can be set to {{{requirement}}} and {{{inflation}}} respectively.
Length: 5min 26 sec
4. Likewise set the From Age to {{{retirement age}}}, when they plan to retire.
5. Set the To Age to {{{assumed mortality}}}: the assumed age of mortality.
6. Their Registered Investments and Non-Registered respectively can be entered as {{{registered investments}}} and {{{non-registered}}}.
7. The rate of return could be set to either of the rates identified in the problem, but since you will be changing the clients’ portfolio for the majority of their life going forward, we will use the target {{{possible increase}}} for the Rate of Return. (For both types of investments).
8. Their Registered Annual Savings will be the total amount being saved into {{{account 1}}} or other registered accounts; in this case {{{annual savings}}}.
9. John is saving {{{annual savings 2}}} into other investment accounts so the {{{investments}}} Annual Savings field can be set to {{{annual savings 2}}}.
10. The Index for the savings can be assumed to be the same as the inflation: {{{rate of inflation}}}
20. After a quick review, click the Calculate button at the bottom.
Note: the Planning Alternatives section of the calculator at the bottom shows the alternatives for each assumption that would make the retirement strategy achievable. For example, if the clients worked until age {{{possible retirement age}}}, instead of {{{retirement age}}}, they would have a surplus when meeting their retirement goal.
To View the Single Needs Summary Report or Schedule:
Select the document you wish to generate from the drop-down list beside Documents. Then, hit the View button on the other side of the drop-down list. (See Figure 2.14 and 2.15)
Education Goal
Example Problem One:
Your friends want to ensure that they are saving enough to fund university costs for their child. Their first-born, {{{Kid's name}}}, is age {{{Kid's age}}} and wants to attend university for four years. Your friends would like to save enough in case he should decide to study overseas, so will plan to fund {{{university age}}} for each year.
They are currently saving {{{yearly savings for university}}} annually into an {{{account 3}}}, which has already accumulated {{{accumulated savings}}} and a rate of return of about {{{rate of return}}}.
Since the price of tuition usually rises quite quickly, they want to assume an inflation of {{{assumed inflation}}}.
Solution using Single Needs Calculator:
To start off, on the Home page, click on the Single Needs Illustration under the Calculators drop-down menu.
1. The first field, Average Tax Rate, can be set to 0%, assuming that the education account is tax-sheltered.
2. The goal is for Jesse, so the Birth Year can be set to {{{Kid's age}}} years ago.
3. The Requirement and Inflation can be set to {{{requirement 2}}} and {{{inflation 2}}} respectively, as they indicated.
4. Likewise set the From Age to {{{university age}}}, when the child would plan to attend university.
5. Set the To Age to 21, since the calculations will be done until the end of age 21, so over a total of four years.
6. The Registered Investments can be entered as {{{accumulated savings}}}
Note: If your client were funding education through their open or non tax-sheltered investments, you would simply include the capital within the other Non-Registered Investments field.
7. The rate of return could be set to {{{rate of return}}}
8. The {{{yearly savings for university}}} of annual savings should be entered in the Registered Annual Savings since this will treat the savings as tax-sheltered.
9. The clients did not indicate they were indexing their savings so the Index can be assumed to be 0.0%
10. After a quick review, click the Calculate button at the bottom.
There is a shortfall for the goal of about {{{shortfall goal}}}
|
 Trinidad and Tobago |
|
Calculating an accurate estimate of your client’s progress towards achieving their retirement goal can be one of the most helpful and critical services you offer to a client. Using the Single Needs Illustration Calculator, calculate a well-thought out estimate of your client’s
shortfalls in reaching their most important goals, such as retirement or their children’s education.
Length: 6min 48 sec
Solution using Single Needs Calculator:
To start off, on the Home page, click on the Single Needs Illustration under the Calculators drop-down menu.
1. The first field, Average Tax Rate, can be left at the default.
Note: You could elect to change this estimate or calculate it yourself. However, for this exercise, the average tax rate can act as a rough assumption.
2. The client and spouse are both 43, so the Birth Year can be set to {{{age}}} years ago.
3. The Requirement and Inflation can be set to {{{requirement}}} and {{{inflation}}} respectively.
Length: 5min 26 sec
4. Likewise set the From Age to {{{retirement age}}}, when they plan to retire.
5. Set the To Age to {{{assumed mortality}}}: the assumed age of mortality.
6. Their Registered Investments and Non-Registered respectively can be entered as {{{registered investments}}} and {{{non-registered}}}.
7. The rate of return could be set to either of the rates identified in the problem, but since you will be changing the clients’ portfolio for the majority of their life going forward, we will use the target {{{possible increase}}} for the Rate of Return. (For both types of investments).
8. Their Registered Annual Savings will be the total amount being saved into {{{account 1}}} or other registered accounts; in this case {{{annual savings}}}.
9. John is saving {{{annual savings 2}}} into other investment accounts so the {{{investments}}} Annual Savings field can be set to {{{annual savings 2}}}.
10. The Index for the savings can be assumed to be the same as the inflation: {{{rate of inflation}}}
20. After a quick review, click the Calculate button at the bottom.
Note: the Planning Alternatives section of the calculator at the bottom shows the alternatives for each assumption that would make the retirement strategy achievable. For example, if the clients worked until age {{{possible retirement age}}}, instead of {{{retirement age}}}, they would have a surplus when meeting their retirement goal.
To View the Single Needs Summary Report or Schedule:
Select the document you wish to generate from the drop-down list beside Documents. Then, hit the View button on the other side of the drop-down list. (See Figure 2.14 and 2.15)
Education Goal
Example Problem One:
Your friends want to ensure that they are saving enough to fund university costs for their child. Their first-born, {{{Kid's name}}}, is age {{{Kid's age}}} and wants to attend university for four years. Your friends would like to save enough in case he should decide to study overseas, so will plan to fund {{{university age}}} for each year.
They are currently saving {{{yearly savings for university}}} annually into an {{{account 3}}}, which has already accumulated {{{accumulated savings}}} and a rate of return of about {{{rate of return}}}.
Since the price of tuition usually rises quite quickly, they want to assume an inflation of {{{assumed inflation}}}.
Solution using Single Needs Calculator:
To start off, on the Home page, click on the Single Needs Illustration under the Calculators drop-down menu.
1. The first field, Average Tax Rate, can be set to 0%, assuming that the education account is tax-sheltered.
2. The goal is for Jesse, so the Birth Year can be set to {{{Kid's age}}} years ago.
3. The Requirement and Inflation can be set to {{{requirement 2}}} and {{{inflation 2}}} respectively, as they indicated.
4. Likewise set the From Age to {{{university age}}}, when the child would plan to attend university.
5. Set the To Age to 21, since the calculations will be done until the end of age 21, so over a total of four years.
6. The Registered Investments can be entered as {{{accumulated savings}}}
Note: If your client were funding education through their open or non tax-sheltered investments, you would simply include the capital within the other Non-Registered Investments field.
7. The rate of return could be set to {{{rate of return}}}
8. The {{{yearly savings for university}}} of annual savings should be entered in the Registered Annual Savings since this will treat the savings as tax-sheltered.
9. The clients did not indicate they were indexing their savings so the Index can be assumed to be 0.0%
10. After a quick review, click the Calculate button at the bottom.
There is a shortfall for the goal of about {{{shortfall goal}}}
|
 Barbados |
|
Calculating an accurate estimate of your client’s progress towards achieving their retirement goal can be one of the most helpful and critical services you offer to a client. Using the Single Needs Illustration Calculator, calculate a well-thought out estimate of your client’s
shortfalls in reaching their most important goals, such as retirement or their children’s education.
Length: 6min 48 sec
Solution using Single Needs Calculator:
To start off, on the Home page, click on the Single Needs Illustration under the Calculators drop-down menu.
1. The first field, Average Tax Rate, can be left at the default.
Note: You could elect to change this estimate or calculate it yourself. However, for this exercise, the average tax rate can act as a rough assumption.
2. The client and spouse are both 43, so the Birth Year can be set to {{{age}}} years ago.
3. The Requirement and Inflation can be set to {{{requirement}}} and {{{inflation}}} respectively.
Length: 5min 26 sec
4. Likewise set the From Age to {{{retirement age}}}, when they plan to retire.
5. Set the To Age to {{{assumed mortality}}}: the assumed age of mortality.
6. Their Registered Investments and Non-Registered respectively can be entered as {{{registered investments}}} and {{{non-registered}}}.
7. The rate of return could be set to either of the rates identified in the problem, but since you will be changing the clients’ portfolio for the majority of their life going forward, we will use the target {{{possible increase}}} for the Rate of Return. (For both types of investments).
8. Their Registered Annual Savings will be the total amount being saved into {{{account 1}}} or other registered accounts; in this case {{{annual savings}}}.
9. John is saving {{{annual savings 2}}} into other investment accounts so the {{{investments}}} Annual Savings field can be set to {{{annual savings 2}}}.
10. The Index for the savings can be assumed to be the same as the inflation: {{{rate of inflation}}}
20. After a quick review, click the Calculate button at the bottom.
Note: the Planning Alternatives section of the calculator at the bottom shows the alternatives for each assumption that would make the retirement strategy achievable. For example, if the clients worked until age {{{possible retirement age}}}, instead of {{{retirement age}}}, they would have a surplus when meeting their retirement goal.
To View the Single Needs Summary Report or Schedule:
Select the document you wish to generate from the drop-down list beside Documents. Then, hit the View button on the other side of the drop-down list. (See Figure 2.14 and 2.15)
Education Goal
Example Problem One:
Your friends want to ensure that they are saving enough to fund university costs for their child. Their first-born, {{{Kid's name}}}, is age {{{Kid's age}}} and wants to attend university for four years. Your friends would like to save enough in case he should decide to study overseas, so will plan to fund {{{university age}}} for each year.
They are currently saving {{{yearly savings for university}}} annually into an {{{account 3}}}, which has already accumulated {{{accumulated savings}}} and a rate of return of about {{{rate of return}}}.
Since the price of tuition usually rises quite quickly, they want to assume an inflation of {{{assumed inflation}}}.
Solution using Single Needs Calculator:
To start off, on the Home page, click on the Single Needs Illustration under the Calculators drop-down menu.
1. The first field, Average Tax Rate, can be set to 0%, assuming that the education account is tax-sheltered.
2. The goal is for Jesse, so the Birth Year can be set to {{{Kid's age}}} years ago.
3. The Requirement and Inflation can be set to {{{requirement 2}}} and {{{inflation 2}}} respectively, as they indicated.
4. Likewise set the From Age to {{{university age}}}, when the child would plan to attend university.
5. Set the To Age to 21, since the calculations will be done until the end of age 21, so over a total of four years.
6. The Registered Investments can be entered as {{{accumulated savings}}}
Note: If your client were funding education through their open or non tax-sheltered investments, you would simply include the capital within the other Non-Registered Investments field.
7. The rate of return could be set to {{{rate of return}}}
8. The {{{yearly savings for university}}} of annual savings should be entered in the Registered Annual Savings since this will treat the savings as tax-sheltered.
9. The clients did not indicate they were indexing their savings so the Index can be assumed to be 0.0%
10. After a quick review, click the Calculate button at the bottom.
There is a shortfall for the goal of about {{{shortfall goal}}}
|
 Bermuda |
|
Calculating an accurate estimate of your client’s progress towards achieving their retirement goal can be one of the most helpful and critical services you offer to a client. Using the Single Needs Illustration Calculator, calculate a well-thought out estimate of your client’s
shortfalls in reaching their most important goals, such as retirement or their children’s education.
Length: 6min 48 sec
Solution using Single Needs Calculator:
To start off, on the Home page, click on the Single Needs Illustration under the Calculators drop-down menu.
1. The first field, Average Tax Rate, can be left at the default.
Note: You could elect to change this estimate or calculate it yourself. However, for this exercise, the average tax rate can act as a rough assumption.
2. The client and spouse are both 43, so the Birth Year can be set to {{{age}}} years ago.
3. The Requirement and Inflation can be set to {{{requirement}}} and {{{inflation}}} respectively.
Length: 5min 26 sec
4. Likewise set the From Age to {{{retirement age}}}, when they plan to retire.
5. Set the To Age to {{{assumed mortality}}}: the assumed age of mortality.
6. Their Registered Investments and Non-Registered respectively can be entered as {{{registered investments}}} and {{{non-registered}}}.
7. The rate of return could be set to either of the rates identified in the problem, but since you will be changing the clients’ portfolio for the majority of their life going forward, we will use the target {{{possible increase}}} for the Rate of Return. (For both types of investments).
8. Their Registered Annual Savings will be the total amount being saved into {{{account 1}}} or other registered accounts; in this case {{{annual savings}}}.
9. John is saving {{{annual savings 2}}} into other investment accounts so the {{{investments}}} Annual Savings field can be set to {{{annual savings 2}}}.
10. The Index for the savings can be assumed to be the same as the inflation: {{{rate of inflation}}}
20. After a quick review, click the Calculate button at the bottom.
Note: the Planning Alternatives section of the calculator at the bottom shows the alternatives for each assumption that would make the retirement strategy achievable. For example, if the clients worked until age {{{possible retirement age}}}, instead of {{{retirement age}}}, they would have a surplus when meeting their retirement goal.
To View the Single Needs Summary Report or Schedule:
Select the document you wish to generate from the drop-down list beside Documents. Then, hit the View button on the other side of the drop-down list. (See Figure 2.14 and 2.15)
Education Goal
Example Problem One:
Your friends want to ensure that they are saving enough to fund university costs for their child. Their first-born, {{{Kid's name}}}, is age {{{Kid's age}}} and wants to attend university for four years. Your friends would like to save enough in case he should decide to study overseas, so will plan to fund {{{university age}}} for each year.
They are currently saving {{{yearly savings for university}}} annually into an {{{account 3}}}, which has already accumulated {{{accumulated savings}}} and a rate of return of about {{{rate of return}}}.
Since the price of tuition usually rises quite quickly, they want to assume an inflation of {{{assumed inflation}}}.
Solution using Single Needs Calculator:
To start off, on the Home page, click on the Single Needs Illustration under the Calculators drop-down menu.
1. The first field, Average Tax Rate, can be set to 0%, assuming that the education account is tax-sheltered.
2. The goal is for Jesse, so the Birth Year can be set to {{{Kid's age}}} years ago.
3. The Requirement and Inflation can be set to {{{requirement 2}}} and {{{inflation 2}}} respectively, as they indicated.
4. Likewise set the From Age to {{{university age}}}, when the child would plan to attend university.
5. Set the To Age to 21, since the calculations will be done until the end of age 21, so over a total of four years.
6. The Registered Investments can be entered as {{{accumulated savings}}}
Note: If your client were funding education through their open or non tax-sheltered investments, you would simply include the capital within the other Non-Registered Investments field.
7. The rate of return could be set to {{{rate of return}}}
8. The {{{yearly savings for university}}} of annual savings should be entered in the Registered Annual Savings since this will treat the savings as tax-sheltered.
9. The clients did not indicate they were indexing their savings so the Index can be assumed to be 0.0%
10. After a quick review, click the Calculate button at the bottom.
There is a shortfall for the goal of about {{{shortfall goal}}}
|
 Bahamas |
|
Calculating an accurate estimate of your client’s progress towards achieving their retirement goal can be one of the most helpful and critical services you offer to a client. Using the Single Needs Illustration Calculator, calculate a well-thought out estimate of your client’s
shortfalls in reaching their most important goals, such as retirement or their children’s education.
Length: 6min 48 sec
Solution using Single Needs Calculator:
To start off, on the Home page, click on the Single Needs Illustration under the Calculators drop-down menu.
1. The first field, Average Tax Rate, can be left at the default.
Note: You could elect to change this estimate or calculate it yourself. However, for this exercise, the average tax rate can act as a rough assumption.
2. The client and spouse are both 43, so the Birth Year can be set to {{{age}}} years ago.
3. The Requirement and Inflation can be set to {{{requirement}}} and {{{inflation}}} respectively.
Length: 5min 26 sec
4. Likewise set the From Age to {{{retirement age}}}, when they plan to retire.
5. Set the To Age to {{{assumed mortality}}}: the assumed age of mortality.
6. Their Registered Investments and Non-Registered respectively can be entered as {{{registered investments}}} and {{{non-registered}}}.
7. The rate of return could be set to either of the rates identified in the problem, but since you will be changing the clients’ portfolio for the majority of their life going forward, we will use the target {{{possible increase}}} for the Rate of Return. (For both types of investments).
8. Their Registered Annual Savings will be the total amount being saved into {{{account 1}}} or other registered accounts; in this case {{{annual savings}}}.
9. John is saving {{{annual savings 2}}} into other investment accounts so the {{{investments}}} Annual Savings field can be set to {{{annual savings 2}}}.
10. The Index for the savings can be assumed to be the same as the inflation: {{{rate of inflation}}}
20. After a quick review, click the Calculate button at the bottom.
Note: the Planning Alternatives section of the calculator at the bottom shows the alternatives for each assumption that would make the retirement strategy achievable. For example, if the clients worked until age {{{possible retirement age}}}, instead of {{{retirement age}}}, they would have a surplus when meeting their retirement goal.
To View the Single Needs Summary Report or Schedule:
Select the document you wish to generate from the drop-down list beside Documents. Then, hit the View button on the other side of the drop-down list. (See Figure 2.14 and 2.15)
Education Goal
Example Problem One:
Your friends want to ensure that they are saving enough to fund university costs for their child. Their first-born, {{{Kid's name}}}, is age {{{Kid's age}}} and wants to attend university for four years. Your friends would like to save enough in case he should decide to study overseas, so will plan to fund {{{university age}}} for each year.
They are currently saving {{{yearly savings for university}}} annually into an {{{account 3}}}, which has already accumulated {{{accumulated savings}}} and a rate of return of about {{{rate of return}}}.
Since the price of tuition usually rises quite quickly, they want to assume an inflation of {{{assumed inflation}}}.
Solution using Single Needs Calculator:
To start off, on the Home page, click on the Single Needs Illustration under the Calculators drop-down menu.
1. The first field, Average Tax Rate, can be set to 0%, assuming that the education account is tax-sheltered.
2. The goal is for Jesse, so the Birth Year can be set to {{{Kid's age}}} years ago.
3. The Requirement and Inflation can be set to {{{requirement 2}}} and {{{inflation 2}}} respectively, as they indicated.
4. Likewise set the From Age to {{{university age}}}, when the child would plan to attend university.
5. Set the To Age to 21, since the calculations will be done until the end of age 21, so over a total of four years.
6. The Registered Investments can be entered as {{{accumulated savings}}}
Note: If your client were funding education through their open or non tax-sheltered investments, you would simply include the capital within the other Non-Registered Investments field.
7. The rate of return could be set to {{{rate of return}}}
8. The {{{yearly savings for university}}} of annual savings should be entered in the Registered Annual Savings since this will treat the savings as tax-sheltered.
9. The clients did not indicate they were indexing their savings so the Index can be assumed to be 0.0%
10. After a quick review, click the Calculate button at the bottom.
There is a shortfall for the goal of about {{{shortfall goal}}}
|
 Puerto Rico |
|
Calculating an accurate estimate of your client’s progress towards achieving their retirement goal can be one of the most helpful and critical services you offer to a client. Using the Single Needs Illustration Calculator, calculate a well-thought out estimate of your client’s
shortfalls in reaching their most important goals, such as retirement or their children’s education.
Length: 6min 48 sec
Solution using Single Needs Calculator:
To start off, on the Home page, click on the Single Needs Illustration under the Calculators drop-down menu.
1. The first field, Average Tax Rate, can be left at the default.
Note: You could elect to change this estimate or calculate it yourself. However, for this exercise, the average tax rate can act as a rough assumption.
2. The client and spouse are both 43, so the Birth Year can be set to {{{age}}} years ago.
3. The Requirement and Inflation can be set to {{{requirement}}} and {{{inflation}}} respectively.
Length: 5min 26 sec
4. Likewise set the From Age to {{{retirement age}}}, when they plan to retire.
5. Set the To Age to {{{assumed mortality}}}: the assumed age of mortality.
6. Their Registered Investments and Non-Registered respectively can be entered as {{{registered investments}}} and {{{non-registered}}}.
7. The rate of return could be set to either of the rates identified in the problem, but since you will be changing the clients’ portfolio for the majority of their life going forward, we will use the target {{{possible increase}}} for the Rate of Return. (For both types of investments).
8. Their Registered Annual Savings will be the total amount being saved into {{{account 1}}} or other registered accounts; in this case {{{annual savings}}}.
9. John is saving {{{annual savings 2}}} into other investment accounts so the {{{investments}}} Annual Savings field can be set to {{{annual savings 2}}}.
10. The Index for the savings can be assumed to be the same as the inflation: {{{rate of inflation}}}
20. After a quick review, click the Calculate button at the bottom.
Note: the Planning Alternatives section of the calculator at the bottom shows the alternatives for each assumption that would make the retirement strategy achievable. For example, if the clients worked until age {{{possible retirement age}}}, instead of {{{retirement age}}}, they would have a surplus when meeting their retirement goal.
To View the Single Needs Summary Report or Schedule:
Select the document you wish to generate from the drop-down list beside Documents. Then, hit the View button on the other side of the drop-down list. (See Figure 2.14 and 2.15)
Education Goal
Example Problem One:
Your friends want to ensure that they are saving enough to fund university costs for their child. Their first-born, {{{Kid's name}}}, is age {{{Kid's age}}} and wants to attend university for four years. Your friends would like to save enough in case he should decide to study overseas, so will plan to fund {{{university age}}} for each year.
They are currently saving {{{yearly savings for university}}} annually into an {{{account 3}}}, which has already accumulated {{{accumulated savings}}} and a rate of return of about {{{rate of return}}}.
Since the price of tuition usually rises quite quickly, they want to assume an inflation of {{{assumed inflation}}}.
Solution using Single Needs Calculator:
To start off, on the Home page, click on the Single Needs Illustration under the Calculators drop-down menu.
1. The first field, Average Tax Rate, can be set to 0%, assuming that the education account is tax-sheltered.
2. The goal is for Jesse, so the Birth Year can be set to {{{Kid's age}}} years ago.
3. The Requirement and Inflation can be set to {{{requirement 2}}} and {{{inflation 2}}} respectively, as they indicated.
4. Likewise set the From Age to {{{university age}}}, when the child would plan to attend university.
5. Set the To Age to 21, since the calculations will be done until the end of age 21, so over a total of four years.
6. The Registered Investments can be entered as {{{accumulated savings}}}
Note: If your client were funding education through their open or non tax-sheltered investments, you would simply include the capital within the other Non-Registered Investments field.
7. The rate of return could be set to {{{rate of return}}}
8. The {{{yearly savings for university}}} of annual savings should be entered in the Registered Annual Savings since this will treat the savings as tax-sheltered.
9. The clients did not indicate they were indexing their savings so the Index can be assumed to be 0.0%
10. After a quick review, click the Calculate button at the bottom.
There is a shortfall for the goal of about {{{shortfall goal}}}
|
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