![]() Investment Assets. This is where how you enter the plan alters the most significantly from a traditional long-term retirement plan entered in MGP. Goals should still be expressed as after tax amounts. As you build, you can click the 'Timeline' button in order to access graphics that will assist you in entering the correct years to produce the length of plan you want. Keep your term in mind when building out the goals for a 10 year plan, for example, your earliest goals should start in 2022, and your last goal should end in 2031. I recommend a 10 year plan as the minimum for short-term plans built in MGP. All goals are expressed annually, and the software will attempt to fund all goals at the start of the rolling plan year (not the end). As this is a short-term goal plan in software that utilizes a rolling plan year, it will always be more general than actual cash flow tools, as it does not operate by calendar/tax year. The most common will be 'other', as it is the most flexible. In the College Zoomer conversation, there are no required goal tiles - use as needed. These screens affect zero calculates in the plan, and should be entered like any other conversation. Personal Info & Children. Enter as appropriate. All other plans require the retirement tile in the goals section, and this, while important, messes with the results of the short-term plan. This is the only financial goal plan conversation that DOES NOT require a retirement living expense goal. Step 2Ĭreate the client > Click + Financial Goal Plan > select the College Zoomer conversation. If they are not, the first goal should be to increase their savings, and then determine the net taxable income that can be utilized towards short-term goals. ![]() First and foremost, a client with a short-term plan needs to verify that they are on track to retire on their terms at their current savings rate. Money Guide Pro is a great tool for retirement projections and goals-based financial planning in general, but can it be utilized to run a shorter-term, more cash flow based projection? The answer is yes, and the following article details my approach to structure a mathematically correct short-term goal plan - I also had opportunity to verify the accuracy with MGP's team of highly trained support, and that my approach produced meaningful results.
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