Steps 6-10 FIN
Step 6.
*Read this page to client*
(In life, there are two major risks…Dying too soon and living too long…)
Step 7.
On a scale of 1-10, how important is being able to retire one day to you?
(Read the Page and get retirement age)
Step 8.
What is your current monthly income? (Ask to both)
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How much monthly would you need coming in minimum for retirement? The general rule of thumb is about 80% of your current income
Step 9.
*Change inflation rate from 3% to 2.25%*
You will actually need _______ a month coming in to spend like ______ a month in todays dollars due to inflation.
Now we need to find out how much money you will need saved in order to provide that income.
That is your Financial Independence Number!
Step 10.
Click view assumptions and change the Rate of Return (before retirement) to 9%
Change the Rate of Return (during retirement) to 7%
Your Financial Independence Number is ______________!
