Overview
Our funding goals tool (Target-Maps) utilize pre-filled, templated values to quickly get the conversation started about saving for the following life events:
Loss of Life
Long Term Disability
Long Term Care
Education Funding for Dependents
Retirement
and Custom goals designed by the advisor
First, click your likeness in the upper right area. Select "Target-Map Preferences" to access the default values and adjust them to your liking.
Tip: most advisors adjust them to the region they are in, the types of demographic they handle, or the way they like to discuss funding goals with their client.
Adjust the following Default Parameters
Note: adjustments apply to new Target-Maps moving forward and are not applied retroactively to Target-Maps already created.
Target-Map General Settings. These are common to all Target-Maps:
expected net return on capital,
annual increase of contributions to accommodate for inflation while saving,
retirement age,
mortality age,
default tab to open a Target-Map when "edit" is clicked.
Percent Loss to Taxes of financial sources available for cash flows, assets and insurances. The Amount Lost to Taxes is the percentage of the gross value of a financial instrument that will effectively be lost to taxes. Since gross values are commonly used in the Asset-Map and financial statements, a reduction of that gross value is necessary to account for the embedded tax obligation that is due upon consumption. This figure is not necessarily equal to the marginal tax rate but rather an intelligent accommodation to the amount of unpaid taxes embedded in the gross value that should be discounted for purposes of consumption.
Funding requirements for Loss of Life, Disability, Long-term Care, Dependent Education, Retirement (note: we call these funding requirements "What you want" in after tax dollars)
Adjustments to these parameters are not retroactive and are not applied to Target-Maps that have already been run.
The Default Tab setting to open a Target-Map is a global setting that gets applied to the account.
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1/2024