Video Demo: A Goals Tracking Tool for Retirement, Education, and Major ExpensesSubmitted by Reby Advisors | Certified Financial Planners | Danbury, CT on August 28th, 2020
Presented by Doug Kuring, CFP®, August 28, 2020
Are you on track to achieve your goals? This basic financial planning question can be complex and time-consuming without the right software program. Here at Reby Advisors, we use the Goals Tracking feature within eMoney to help clients pursue goals for retirement, education, and other major life expenses.
Clients can log into eMoney on their own, add a goal, and instantly see whether they can afford it without putting other goals at risk. The result is a great starting point for a conversation with your financial planner. In review meetings, this feature makes collaboration very interactive and productive, as we test various scenarios and strategies.
Below is a brief video demo of Goals Tracking within eMoney, provided by Doug Kuring, CFP®, during a recent webinar.
Example: Are College Costs Hindering Retirement Goals?
In the example provided above, you can see that eMoney is telling our clients that they’re still a ways off from being able to fund their retirement lifestyle. Interestingly, eMoney helps to convey the fact that it’s not a failure of savings. Instead, it’s taking into account college tuition that our example clients are intending on paying for their child, thus, hindering their ability to achieve their retirement goals.
This is a quite common situation throughout the nation, and we’ve worked with many clients who are going through this right now. The fact of the matter is that many parents want their children to graduate from college debt-free, but this negatively impacts their own financial outlook as they begin to set their sights on retirement.
Setting up Goals Tracking in eMoney
Now, moving away from our example, let’s talk a bit more about just how simple it is to add, set, and track your goals in eMoney. The system gives you a few pre-defined goals that center around education, travel, home improvement, etc., but if you’d like to add a custom goal, you can easily do so. From there, define the amount of money that you would require to fund that goal, along with the timeline for when you’d like to achieve it.
From there, you can begin tracking your progress with ease. And don’t forget, if you’re already a client, we’ll actually be notified that you’ve set a new goal. This will help us continue to advise you accordingly.
Please do not hesitate to reach out if you have any questions about maximizing the capabilities of eMoney.