Jane Smith is a Virtual Education Consultant. She has ... - Fidelity Identify... · Jane Smith is a...

Jane Smith is a Virtual Education Consultant. She has Provided Web-based educational workshops for Fidelity. Coordinates and records the clients self-paced educational workshops. Consultant since 2004 and has more than 21 years with the company.

Identify and Prioritize Your Savings Goals

Interactive experience

Strategies, tools and tips

AGENDA

Saving for specific goals

Saving for multiple goals

Saving for multiple goals

Short-term goals

Long-term goalsVisualize the outcome

SAVING FOR MULTIPLE GOALS

What are your goals?

SAVING FOR MULTIPLE GOALS

Why are these goals important to you?

Bucketing your goals

SAVING FOR MULTIPLE GOALS

Time horizon Short-term goals<2 years

Long-term goals5+ years

Intermediate goals2–5 years

Timing your savings accordingly

Fund your goals

50% 5%15%Essential expenses

Retirementsavings

Short-termsavings

FUND YOUR GOALS

Saving and spending rule of thumb

Automate payments

Create a budget

Set up savings accounts

Save in workplace savings plan

Pay off debt

Fund your goals

FUND YOUR GOALS

Ways to save more for your goals

How you are doing?

Consider making adjustments

Track your progress

Review your savings goals

FUND YOUR GOALS

Hypothetical example

FUND YOUR GOALS

John

$6,000

$4,500

$3,150

$480

Monthly gross income

Monthly take-home pay

Essential spending

Essential savings

70%Essentials

8%Retirement

Joan

$7,000

$5,250

$3,675

$560

Monthly gross income

Monthly take-home pay

Essential spending

Essential savings

70%Essentials

8%Retirement

Hypothetical example

FUND YOUR GOALS

John

Makes cutback on vacation expenses

Starts to bring his lunch to work

$135Saved each month

Makes extra payments toward credit cards and

student loans

Joan

Looks to move into a smaller home with a lower monthly payment

$490Saved each month

Cuts her monthly essential spending by 13%

Hypothetical example

FUND YOUR GOALS

John

$2,916

$2,187

$1,530

$233

Monthly gross income

Monthly take-home pay

Essential spending

Essential savings

70%Essentials

8%Retirement

Joan

$3,750

$2,812

$1,968

$300

Monthly gross income

Monthly take-home pay

Essential spending

Essential savings

70%Essentials

8%Retirement

Hypothetical example

FUND YOUR GOALS

John

Makes cutback on vacation expenses

Starts to bring his lunch to work

$135Saved each month

Makes extra payments toward credit cards and

student loans

Joan

Looks to move into a smaller home with a lower monthly payment

$262Saved each month

Cuts her monthly essential spending by 13%

Planning for specific goals

Building an emergency fund

PLANNING FOR SPECIFIC GOALS

Save at least 3-6 months of expenses

Fund your savings account regularly

Keep an account that pays interest

Increase your contributions slowly

Make room for retirement

Find extra savings

Grow your savings

Saving for retirement

PLANNING FOR SPECIFIC GOALS

Paying off student loan debt

PLANNING FOR SPECIFIC GOALS

Start making payments early Refinance

your loans

Consolidate or adjust your payment terms Negotiate a

settlement

What’s your budget?

How long will you keep it?

How many miles per year?

Purchasing a car

PLANNING FOR SPECIFIC GOALS

Buying a home

PLANNING FOR SPECIFIC GOALS

Consider your length of stay Save for a

down-payment

Check your credit Budget to

live there

Set a deadlineGet specific Time it right Automate savingsVisualize it

Saving for a vacation

PLANNING FOR SPECIFIC GOALS

Saving for college

PLANNING FOR SPECIFIC GOALS

Prioritize your retirement savings

Consider financial aid

Do your research Talk to your

children

Start saving early

Take the next steps

NEXT STEPS

Short-term goals<2 years

Long-term goals5+ years

Intermediate goals2–5 years

Saving for multiple

goals

NEXT STEPS

Prioritizing your goals

NEXT STEPS

EssentialExpenses

Short-termSavings

RetirementSavings

Funding your goals

50%

5%

15%

Take your next step

Call 800.603.4015to get more help to save for your specific goals

Visit the Fidelity Planning & Guidance Center

NEXT STEPS

We’re here to help.

800-642-7131www.fidelity.com/duke

NEXT STEPS

Alan Collins, CRPC®Retirement Planner

Christopher Mann, CFP® Director, Retirement Planner

Thank you!Please download your resource list and provide your feedback.

800-603-4015

NEXT STEPS

SAVING FOR MULTIPLE GOALS

Which goal is most important to you?

Paying off debt

Building an emergency

fund

Buying a car

Saving for a vacation

Buying a home

Saving for college

Saving for retirement

Optional Activity Slide

Building an emergency fund

Buying a home

Saving for retirement

SAVING FOR MULTIPLE GOALS

Test your knowledge

Optional Activity Slide

NOYES

FUND YOUR GOALS

Do you follow a budget or spending plan?

Optional Activity Slide

FUND YOUR GOALS

How much do you spend on essential expenses?

Optional Activity Slide

LESS than 50%

ABOUT 50%

MORE than 50%

I’m not sure

A B C D

FUND YOUR GOALS

How do you feel about your savings progress?

SOMEWHAT confident

HELP, please!

VERYconfident

I feel OK

Optional Activity Slide

A B C D

What is one way you will consider saving more for retirement?

Save at least 15% OtherIncrease retirement savings

by at least 1%

Create a budget and see how you can save more

Optional Activity SlidePLANNING FOR

SPECIFIC GOALS

A B C D

Investing involves risk, including risk of loss.

Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.

Guidance provided by Fidelity through the Planning and Guidance Center is educational in nature, is not individualized, and is not intended to serve as the primary basis for your investment or tax-planning decisions.

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