Creating a Financial Report using Naba Plan

Overview

Objective: Create a financial plan/report using Naba Plan starting with a forecaster assessment, then promoting it to a level 2 plan.
Client Profile: Massive Fluent, mid-50s, question: Can I retire by 65?

Basic Data Entry: Client Information
- Clients currently have a residence with a mortgage.
- Income and Expenses: Enter approximate figures as a starting point.
- Investments:
  - Chris: 401k through work.
  - Karen: IRA ($300/month contribution).
  - Both: Brokerage account ($500/month).
- Baseline Assumptions: Preliminary return rate.
Optional Details Page:
- Used for unique client situations.
- Defaults: Retire at 65, pass at 90, eligible for Social Security, 70% of current income in retirement.

Promotion Process:
- Transition from forecaster assessment to level 2 for enhanced features.
- Streamline data entry: Focus primarily on retirement.
Enhancements and Adjustments:
- Link Mortgage to Residence: Ensure proper handling upon sale.
- Investment Allocations: Use Morningstar to allocate and achieve desired returns.
- Income and Tax Details: Adjust specifics like self-employed income.
- Additional Income Pensions: Include pensions if applicable.
- Retirement Expenses:
  - Regular income: 70% of current income.
  - Additional expenses (e.g., $10k/year for travel for 15 years).
  - Check goal funding and allocate accounts accordingly.

Current vs. Recommended Plan:
- Initial analysis may show a shortfall in retirement savings.
- Advisor's role: Recommend adjustments to meet retirement goals.
  - Work additional years.
  - Decrease spending.
  - Delay Social Security for maximum benefit.
Options to Reach 100% Success:
- Save a lump sum or monthly amount.
- Push retirement to age 70.
- Example case showed inability to afford additional savings, but demonstrated potential solutions.

Outcome: With minimal data entry, demonstrate retirement viability.
Report Creation: Show current position and provide solutions to meet retirement goals efficiently.