When members have a wide age gap, it is worth considering a few options prior to exhibiting their Retirement Funding goal. The above video illustrates one example of how to handle retirement funding for a couple that is 5 years apart. The example has very few assets for clarity. Though not an all-inclusive list, here are some things to consider for the situations your clients may face:
When does Retirement begin?
»» Our template defaults to the eldest member's retirement age set in your Target-Map Preferences. Customize the age/date to the specific situation within the Target-Map.When does retirement end?
»» Does it end with the eldest member or the survivor who is younger?What happens to funding resources when the eldest member becomes deceased?
»» Do certain cash flows end? Are resources transferred?Should earned income of the younger be considered for funding the retirement scenario?
»» Ensure the start age begins at their age when the project begins.
Of course, all of these considerations must be clarified with your client and fall within your guidelines for compliant and wholistic planning. Reach out to our Support Team if you'd like a case review.
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