Your employer, ABC Accounting, has a generous employer match. They offer:

• 100% match on your contributions up to 4% of your income
• 50% match up to 8%

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By contributing 8% of your income, you could be earning an annual employer match of $5,950! 💸

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Are you currently enrolled in the 401(k)?

Awesome! 🎉

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What's your current 401(k) contribution rate (percentage)? This helps us see if you're maximizing that sweet employer match. 💼

With a desired monthly retirement income of $7000, let's see if you're on track for a fully-funded retirement (FFR) 🎯

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Based on your current assets and contributions, you can expect to have a balance of $5,258,674.86 at age 63. 👍

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To meet your inflation-adjusted desired monthly retirement income of $7,000, you should aim to have a balance of $7,341,119.91 at retirement age. To get on track, you should increase your 401(k) contribution rate to 9.35% from your current 6.00%. 

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Are you willing to increase your 401(k) contribution rate by 2.35% to get on track for a fully-funded retirement (FFR) with a desired monthly retirement income of $7,000? 💸

To help calculate this, what's your pre-tax annual income? 📝

Got it! 💵 By contributing 6% of your income, you’ll be maximizing your employer’s 401(k) match. This amounts to an annual employer match of $4,380! 💸

Before you submit any changes, it's important to determine your contribution type (Roth or Traditional) since they have different tax benefits. Ready to discuss this now? 🤓

Great! Let's break it down. 📚

Traditional 401(k):

• Contributions: Pre-tax (reduces your taxable income now)
• Withdrawals: Taxed as ordinary income in retirement
• Best for: If you expect to be in a lower tax bracket in retirement

Roth 401(k):

• Contributions: Post-tax (doesn't reduce your taxable income now)
• Withdrawals: Tax-free in retirement
• Best for: If you expect to be in a higher tax bracket in retirement

We'll ask a few questions to help determine which may be better for you. First, what's your current 401(k) contribution type? If you're unsure, you can check your employee portal. 💼

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Based on your current auto loan and 2 credit cards and the associated APRs, the most cost-saving approach would be to allocate all of your available funds for debt payoff to your Visa credit card (24.99% APR) while paying the minimum required on the other credit card and auto loan. ⛳️

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Based on your debt payoff budget of $600 per month, your Visa will be paid off in 5.5 months, from which you can then move on to your MasterFi credit card, which has a 22.99% APR. 🙏

Based on your current debt payoff budget, you’d have all debts paid off in just over 13 months! 🎉

Great question! This is the number one concern of retirees. Let's dive into a retirement forecast and get you a solid answer. Is now a good time for you to get started? 🎯

Awesome! My first question is: Do you have a budget that shows all income and expenses for your household? 💰

Ooooh! I love this question! While most people retire around 65, I love helping people retire younger when possible. Do you have a preferred age in mind? 🧐

Exciting! 🌟 The smartest thing we can do is take a look at your current income, expenses, and retirement savings to then run the math and determine if you can retire at 57 and do so without the concern of outliving your money. Are you ready to get started? 🏖️

Great question! Since you have done such an amazing job telling me about you and your finances in the past, I determined you will need $2,197,282.38 to create a fully funded retirement with income starting at your desired age of 62. Does this help? 🚦

Based on all the information I have, you will need to increase your 401(k) contribution from 10% to 13% in order to meet this goal. Would you like me to review your budget and find some key considerations for you to make this increase? 📈

Life insurance is a powerful tool. 🔒 It creates cash when people need cash the most. The most common reasons why people buy life insurance is to pay off debt, replace lost income, and leave a legacy for loved ones. Are any of these reasons important to you? 🏁

I understand. ❤️ In addition to these three reasons, what else would you want your life insurance policy to accomplish in the event of your early passing? 

Jen, you are asking the right questions! Debt is something that prevents many people from building wealth. Let’s get started. How much debt do you currently have? ✍🏼

No problem, I’ll help you with that. 😎 Let’s assess your entire financial picture and get started on wiping out this debt, quickly and swiftly. To start, how many creditors do you have?

I am so glad you asked! A budget is like an x-ray of your financial situation. 🔬 It will tell me where money comes from, and where it is going. With that information, not only will you then have a budget in place, but you will have a plan to start building wealth. Are you ready to start? 🙏

Great! First question… are you open to using a budgeting app to make it easy and to keep things streamlined? 🙂