Using Retirement Chart to Boost Conviction - MyWealthBoard
MyWealthBoard retirement calculator enables consultants to easily input key details to draft a comprehensive retirement plan, factoring in all relevant inputs. It also generates a visual retirement graph, making it easier to illustrate financial shortfalls.
By presenting both numerical data and a clear visual representation, consultants can effectively highlight gaps and enhance prospect awareness, encouraging them to take action to address their retirement needs.
1) Retirement Calculator - Young Adults Shortfall
Since young adults have a longer time horizon until retirement, they benefit from strong compounding effects (based on the inflation rate input). However, this also results in a significant shortfall to meet their desired retirement income.
Even with CPF Life (assuming an ERS of $300,000 at age 55, providing approximately $2.4K/month or $30K annually), the gap remains substantial. This creates an opportunity for a logical financial pitch combined with emotional sales to drive larger case sizes.
Retirement Breakdown -
Under the retirement breakdown, the required amount represents the sum that needs to be set aside now, based on the assumed percentage return, to bridge the projected shortfall by the desired retirement age.
For example, after accounting for accumulation planning ($500,000) and CPF Life ($3k/m), the user still faces a $4.9 million retirement shortfall. This gap can be addressed by setting aside $2.1K per month, assuming an 8% annual return from age 30 to 65.
Funds will run out by estimated 68 years old,
Assuming prospect has $1,000/month available to set aside, the next move is to strategize an accumulation plan tailored to their risk profile.
With the Projected Planning tab offering instant estimated returns, you can seamlessly guide the conversation—providing clarity, setting realistic expectations, and helping them visualize how their funds can grow effectively.
With this, you can illustrate how each proposal aligns with their shortfall, effectively justifying your recommendation. This ensures better understanding while seamlessly inputting data to generate a clear, visual chart.
2) Retirement Calculator - Optimizing Cashflow
Even if a client meets or slightly falls short of their retirement goal, there are two ways to upsell additional solutions:
Increase Retirement Income
Example, if they are comfortable with $2,000/month, guide them to consider $3,000/month for a more enjoyable retirement and added financial security.
Additionally, you can address concerns about healthcare inflation, emphasizing the need for a buffer to cover medical expenses and ongoing Integrated Shield Plan premiums.
Optimize Excess Cash Surplus
If they have already met their retirement goal, explore ways to restructure their portfolio for long-term financial security:
Legacy Planning (Universal Life, Estate Distribution)
Dividend Portfolio for passive income and wealth preservation.
