Jane Smith is a Virtual Education Consultant. She has ... - Fidelity Identify... · Jane Smith is a...
Transcript of Jane Smith is a Virtual Education Consultant. She has ... - Fidelity Identify... · Jane Smith is a...
Jane Smith is a Virtual Education Consultant. She has Provided Web-based educational workshops for Fidelity. Coordinates and records the clients self-paced educational workshops. Consultant since 2004 and has more than 21 years with the company.
Identify and Prioritize Your Savings Goals
Interactive experience
Strategies, tools and tips
AGENDA
Saving for specific goals
Saving for multiple goals
Saving for multiple goals
Short-term goals
Long-term goalsVisualize the outcome
SAVING FOR MULTIPLE GOALS
What are your goals?
SAVING FOR MULTIPLE GOALS
Why are these goals important to you?
Bucketing your goals
SAVING FOR MULTIPLE GOALS
Time horizon Short-term goals<2 years
Long-term goals5+ years
Intermediate goals2–5 years
Timing your savings accordingly
Fund your goals
50% 5%15%Essential expenses
Retirementsavings
Short-termsavings
FUND YOUR GOALS
Saving and spending rule of thumb
Automate payments
Create a budget
Set up savings accounts
Save in workplace savings plan
Pay off debt
Fund your goals
FUND YOUR GOALS
Ways to save more for your goals
How you are doing?
Consider making adjustments
Track your progress
Review your savings goals
FUND YOUR GOALS
Hypothetical example
FUND YOUR GOALS
John
$6,000
$4,500
$3,150
$480
Monthly gross income
Monthly take-home pay
Essential spending
Essential savings
70%Essentials
8%Retirement
Joan
$7,000
$5,250
$3,675
$560
Monthly gross income
Monthly take-home pay
Essential spending
Essential savings
70%Essentials
8%Retirement
Hypothetical example
FUND YOUR GOALS
John
Makes cutback on vacation expenses
Starts to bring his lunch to work
$135Saved each month
Makes extra payments toward credit cards and
student loans
Joan
Looks to move into a smaller home with a lower monthly payment
$490Saved each month
Cuts her monthly essential spending by 13%
Hypothetical example
FUND YOUR GOALS
John
$2,916
$2,187
$1,530
$233
Monthly gross income
Monthly take-home pay
Essential spending
Essential savings
70%Essentials
8%Retirement
Joan
$3,750
$2,812
$1,968
$300
Monthly gross income
Monthly take-home pay
Essential spending
Essential savings
70%Essentials
8%Retirement
Hypothetical example
FUND YOUR GOALS
John
Makes cutback on vacation expenses
Starts to bring his lunch to work
$135Saved each month
Makes extra payments toward credit cards and
student loans
Joan
Looks to move into a smaller home with a lower monthly payment
$262Saved each month
Cuts her monthly essential spending by 13%
Planning for specific goals
Building an emergency fund
PLANNING FOR SPECIFIC GOALS
Save at least 3-6 months of expenses
Fund your savings account regularly
Keep an account that pays interest
Increase your contributions slowly
Make room for retirement
Find extra savings
Grow your savings
Saving for retirement
PLANNING FOR SPECIFIC GOALS
Paying off student loan debt
PLANNING FOR SPECIFIC GOALS
Start making payments early Refinance
your loans
Consolidate or adjust your payment terms Negotiate a
settlement
What’s your budget?
How long will you keep it?
How many miles per year?
Purchasing a car
PLANNING FOR SPECIFIC GOALS
Buying a home
PLANNING FOR SPECIFIC GOALS
Consider your length of stay Save for a
down-payment
Check your credit Budget to
live there
Set a deadlineGet specific Time it right Automate savingsVisualize it
Saving for a vacation
PLANNING FOR SPECIFIC GOALS
Saving for college
PLANNING FOR SPECIFIC GOALS
Prioritize your retirement savings
Consider financial aid
Do your research Talk to your
children
Start saving early
Take the next steps
NEXT STEPS
Short-term goals<2 years
Long-term goals5+ years
Intermediate goals2–5 years
Saving for multiple
goals
NEXT STEPS
Prioritizing your goals
NEXT STEPS
EssentialExpenses
Short-termSavings
RetirementSavings
Funding your goals
50%
5%
15%
Take your next step
Call 800.603.4015to get more help to save for your specific goals
Visit the Fidelity Planning & Guidance Center
NEXT STEPS
We’re here to help.
800-642-7131www.fidelity.com/duke
NEXT STEPS
Alan Collins, CRPC®Retirement Planner
Christopher Mann, CFP® Director, Retirement Planner
Thank you!Please download your resource list and provide your feedback.
800-603-4015
NEXT STEPS
SAVING FOR MULTIPLE GOALS
Which goal is most important to you?
Paying off debt
Building an emergency
fund
Buying a car
Saving for a vacation
Buying a home
Saving for college
Saving for retirement
Optional Activity Slide
Building an emergency fund
Buying a home
Saving for retirement
SAVING FOR MULTIPLE GOALS
Test your knowledge
Optional Activity Slide
NOYES
FUND YOUR GOALS
Do you follow a budget or spending plan?
Optional Activity Slide
FUND YOUR GOALS
How much do you spend on essential expenses?
Optional Activity Slide
LESS than 50%
ABOUT 50%
MORE than 50%
I’m not sure
A B C D
FUND YOUR GOALS
How do you feel about your savings progress?
SOMEWHAT confident
HELP, please!
VERYconfident
I feel OK
Optional Activity Slide
A B C D
What is one way you will consider saving more for retirement?
Save at least 15% OtherIncrease retirement savings
by at least 1%
Create a budget and see how you can save more
Optional Activity SlidePLANNING FOR
SPECIFIC GOALS
A B C D
Investing involves risk, including risk of loss.
Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.
Guidance provided by Fidelity through the Planning and Guidance Center is educational in nature, is not individualized, and is not intended to serve as the primary basis for your investment or tax-planning decisions.
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