Getting started with the Lifetime Planner

The Lifetime Planner helps you build a detailed financial plan by setting goals for major life events, such as retirement, home purchases, or education funding. It uses your existing financial data to generate projections based on your current situation and future assumptions.

Key features of the Lifetime Planner

Retirement planning

Start by setting a retirement goal. The Lifetime Planner applies the assumptions you use for retirement, such as income, savings, and returns, to other goals like college funding or home purchases. This reduces the need to enter the same information multiple times.

Integration with existing data

If you've already entered financial details like accounts and loans, the Lifetime Planner automatically includes this information in your plan, minimizing additional data entry.

Adjustable assumptions

You can modify various assumptions, including:

• Income: Salary, other income sources, and retirement benefits.

• Investments: Expected rates of return.

• Inflation: How inflation may affect future costs.

• Living expenses: Adjustments for current and future expenses.

Scenario planning

Explore “what-if” scenarios by adjusting factors like your retirement age or savings rate. See how these changes affect your financial outlook.

Tax and savings calculations

The Lifetime Planner automatically applies tax regulations for retirement accounts (e.g., IRAs, 401(k)s). It calculates contribution limits, penalties, and required distributions based on current laws.

How to get started

1. Open the Planning tab.

2. Select Lifetime Planner.

3. Choose Click here to begin planning. You can also make adjustments by selecting specific areas like Income or Tax Rate.

4. Enter or adjust details such as income, savings, investments, and expenses.

Set a reminder to regularly update your plan to ensure it stays aligned with your changing financial situation and goals for better long-term accuracy.