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This RP Proposed demo does not have all of the information text boxes shown in the Current version, so it looks like what you'll be seeing when you buy it.
With their Current plan (their forecasted future if they didn't hire a retirement planning advisor to run an RP report), John and Mary Sample would have run out of money in their 80s.
But with just RP, and the asset allocation software to better manage their money, they were able to survive just fine, with money left over at age 100, more income, security, and peace of mind.
Proposed Changes from the Current Retirement Plan Version are:
• John was able to receive 10% more retirement income when he retired. His income goal went from $50,000 to $55,000 a year.
• Mary was able to get 10% more retirement income when she retired. Her income goal went from $40,000 to $44,000 a year. She also was able to retire a year earlier than planned.
• The only minor reductions in planned expenses were made in travel plans.
• A quarter percent higher inflation rate was used to match higher expected inflation. If it doesn't materialize, then they'll just have a little more money to spend. If it does happen, then they'll have been prepared. If inflation turns out to be even higher, then they'll be that much better off than if they weren't able to plan for it.
• They got with the well-diversified asset allocation program with their mutual funds and IRA's, and were able to cut their risk by half, and increase their estimated rate of return 10% (from 8% and 10%).
• By analyzing their bond portfolio, it turns out that replacing all that with a good bond mutual fund, they were able to increase their return by 33% (from 5% to 6%), and save a few hours per week spent managing it. They also realized that just planning to spend the interest was not practical. So they'll be on a mutual fund systematic withdrawal program instead.
• They sold off their portfolio of stocks and replaced them with a portfolio of well-allocated mutual funds. That raised their estimated rate of return from 8% to 10%.
• They raised their IRA and investment contributions.
• They were able to work out a deal with the lawyers to get the trust and inheritance money out of the bank CDs and invest them into a portfolio of well asset allocated mutual funds. This raised the rate of return from 2% to 10%.
• With professional help, they were able to reallocate their current employer 401(k) plan using the investment options they're stuck with while employed. They also increased their monthly contributions by $250.
When they retire, they can roll them over into rollover IRAs, where they aren't limited to a small list of investment choices, and can use asset allocation with mutual funds. This raised their estimate rate of return from 9% to 10%; and also were convinced to raise their monthly contributions.
That's it. All it took was restructuring asset payouts, contributing a little more to their retirement plans, getting rid of trying to market time and pick individual stocks and bonds by replacing all that with asset allocation using mutual funds, and they're all set. They could both also actually retire a year or so earlier if they would cut their spending a little too.
Analysis of when to start collecting Social Security benefits
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