Speaking about retirement, you do understand, that earlier you start the planning process, easier is to reach your goals. The free online interactive visualized planner from Impact Technologies Group will help you to approach this task in easy and simple way.
Take about 15 minutes of your time to visualize your retirement through “Define Your Retirement” step-to-step guide, allowing creating a personal retirement profile, which will help you make important decisions on your way.
1. Access starting screen for this evaluation at the link: https://blackrock.defineyourretirement.info/. Click Start Over to initiate the process of the profile development. No need to create account to use the services.
2. Start from the Activities you deem important, defining your retirement style. There are pictures on the top of the screen, featuring particular activities, you might consider important. You can look through the photos and move them to one of the three available beans: Very Important, Moderately Important, or Not Important (trash bean).
3. Next step would be defining where would be your dream residence location at the retirement, or at least where you would like to land at the early years after retirement. The same way as in previous step, sort all the images in this category for three bins on the page.
4. Next step would be to define, at what age you are planning to retire. Here, you can add your partner to the picture by clicking Add a significant other. Move one (or two) sliders on the timeline to set your preferred retirement age.
5. On the next step, you have to choose the potential financial sources to cover your basic needs expenses at retirement and define on how confident you are in sufficiency of your financial sources to satisfy your needs.
6. The same way, on the next page indicate what sources you are planning to use to cover your interests which go beyond basic needs, but still are very important to you according to what you have indicated earlier. Specify the level of confidence that your financial sources will be sufficient to cover those activities.
7. The next page reminds that there are particular financial risks which might affect your plans in achieving your goals. Then you go through ranking on the perceived risks per each of the six presented categories, as longevity risks, investment risks, inflation risks, health care and long-term care risks, public policy risks, and other risks (such as employment risks, business risks, loss of spouse, etc.)
8. On the next step, you will review the perceived risks, you identified earlier for the retirement planning, and rank them based on your understanding of the highest impact to the lowest impact on your plan.
9. And, finally you get the summary of the topics reviewed throughout the process. The online service will not discuss your funds allocation or financial risks in details, however, the summary will give you the complex overview of your goals and a way how to reach them. Asking you different questions on the way, the interactive process encourage you to think about the issues, which otherwise might not come to mind, if you do not use professional retirement planning financial services. Summary will also point on the areas where your plan looks too vulnerable, so you will be able to think about its solidification ahead of time.
You can also add your notes and print your summary for further discussion with your partner, family members, or financial advisor.