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[Music] hi you guys welcome back to the program I name is Brad this is a firefighters financial toolbox here on the channel we talked about investing retirement tax and all things financial trying to make ourselves all financially free eventually today we're they're gonna look at Fidelity's online retirement planner software you're a member of fidelity you can log on no problem if you have a plan with them if you don't and you can do with a guest access so we're gonna go I have made a guest access so I'm gonna sign in this way and it logs us in with our guest access now you do have to put your name email a couple of those things but now so we're gonna start from the very beginning here so I'd ask let's start with some simple questions about you okay I am a mail and I'm still working and yes I'd like to include a partner so we're using fake names we're gonna say we have Bill and Sarah Smith and Sarah's birthday let's say Sarah is 1971 and she's still working and partners female so I forgot to add that okay alright so what hope age do you hope to retire so bill let's say Bill is going to try to retire at 65 and Sarah being a couple years younger than him is gonna retire at 63 you want to buy her retire together bill expects he'll live till 90 and Sarah thinks she'll live till 90 as well let's give her a couple 92 years all right nice thing is you can adjust this you guys it's a Monte Carlo simulator all right so let's say that bill makes $75,000 and Sarah makes $50,000 all right and how would you estimate your retirement expenses normal lifestyle estimated dollars are detailed expense let's say that we have an average lifestyle okay UI analysis so all we have so far is a projection with nothing in it so let's go into a little bit let's go into the next thing let's go to retirement expenses now let's say that we estimate right now we're making one hundred and twenty five thousand dollars let's say we think we can live on seventy five thousand so if we do that survive don't see them bring up the calculator here so if we have 75 thousand we divide that by twelve months that gives us about sixty two hundred dollars so let's use that 6000 that essential groups and let's call two hundred and fifty dollars discretionary have you budgeted for this we're gonna need some supplemental health insurance okay let's try that so it looks like we're gonna need about sixty 250 a month okay what about taxes I'm married filing jointly let's say we're gonna retire to Arizona because we want some son so it looks like we're about fourteen percent there okay now let's go into our accounts and contributions so we haven't got any things added so let's say that we had a 401 K and she has two hundred thousand saved this is Sara's that's her fidelity account all right now these were all fictitious numbers you guys but you get the idea so let's say that she is maxing it out right now and she's not fifty so she's putting in nineteen thousand five hundred and her employer matches let's say twenty five hundred a year okay and she is not super aggressive but more aggressive so let's say about eighty twenty let's go there okay this is doesn't give you exact what you want you guys but it gives you a good idea alright let's go ahead and oh we need to add another one bill has 250,000 and that's in a four five seven this was more or less the same thing he's contributing the max which is 26,000 this year oops employers don't match into four or five sevens and he is also in a fairly aggressive account and let's say that because they're smart investors that each have a rock Roth wand and we'll say that's bill let's say a bill has 25,000 and a Roth and he's been contributing the max which is 7,000 and he's got that in really aggressive stuff and last but not least we'll say that Roth - which is Sarah's and Sarah has 20,000 in hers and she's putting in 6000 which is the max cuz she's smart and she's got that very aggressive and we'll add that account okay so we've got a 401 K a workplace plate for each of them as well as a Roth for each of them so it's update our analysis let's look at our projections and the nice thing is this kind of updates as we go you guys it takes a second so it says we're we're on target so far you may have 83 40 for a month you may need this much so you could actually have a surplus floor at well that's good to see so let's look at the asset mix now so right now we have almost a $500,000 portfolio you guys we have about 51% in domestic stocks 22% in foreign stocks 23% in bonds and about five dollars in cash let's look at Social Security so should we include Bill Social Security yes is he already complaining no he's gonna start taking at 67 so the estimate his income will be about two thousand eighty three sara is gonna have a smaller amount you guys even if she waits so let's say because she's younger she's gonna take it two years early at sixty-five so let's update that benefit now you saw that went down from 1625 to 1408 but because she is the smaller if either one of them is going to actually take it earlier now because we have a surplus let's try this let's say it's keep bill from taking until 70 hey see his went up about yeah about three hundred dollars a month there hers went down let's update the analysis now and see what it says 136 so we're still looking at a possible potential surplus you guys now this is monthly dollars in annual dollars now if you had any other income like you guys if you had a pension you could add that under income sources here so let's say that he had he had an old lump son pension and that was worth let's say thirty five thousand dollars he can receive that at age 67 so that's made it pay only thirty five thousand I'm assuming mom son so that would play into his thing but what if Sarah if we went over here and we added an income source let's say that sarah has a rental property recurring income source and let's say it's rental and let's say they get after they pay their mortgage for that they make let's say their mortgage is thirteen hundred and they get sixteen under so they're taking home three hundred a month it's already started and they don't expect that to end they expect to keep that all right so let's say we've got that added in so what does that make us do for our projections one forty three guys we are all the way pegging the green show me hypothetical detailed income and in this market let's say below average so it looks like they still think we could be ok you guys that we actually may have up to four million dollars at the end of the plan mr. Rossman and it shows that breakdown of income they're getting coming in looks like the other income is the green so that would be their rental income and then the blue here makes up the bulk of their withdrawing from their retirement assets so what if we decided our asset max and we wanted to go let's say we wanted to go a little bit more conservative let's update that and see what it does to change our score now we're about 50/50 on this one now so it still shows us on target but you notice that the amount of assets at the end of the plan have significantly gone down you guys if this is an average market it looks like we would still be and if we had okay so I see if the first one is the negative so the first one is significantly below an average return in the market which when you're in retirement you guys you really got to think hey we might not get as good as we want so that's something you got to think about for sure but you can see here it starts our retirement at 2036 and it continues till Bill dies 20:59 and Sarah dies at 2060 3 the nice thing about this is you can change this right what if we wanted to change our time horizon let's say Bill want to retire early he wanted to retire at 60 and Sarah being two years behind was gonna retire 58 now let's update that and see if they could still make this work so now they're on target but you see it's a lot less of a thing so now I would probably go back down because they're starting earlier ok I'm sorry it did go back to the aggressive more aggressive asset mix but let's see what happens now if we were to update this to that 50/50 that we talked about let's update the analysis now see the assets into play that's pretty close to being out of money you guys that's pretty darn dangerous I think I would definitely want to stay maybe a little bit more 6040 I guess they're gone that 6040 which is a pretty common thing you see that still gets pretty with significantly below if we had average returns they're gonna be okay but if they had below or significantly below average returns that could definitely derail their retirement plan so the nice thing about this you guys is that you can really take and put your own numbers and I've used fictitious numbers on this right have used fictitious names and numbers I just created a guest account with an email that I have and was able to log in now if you have a fidelity account it's that much easier it remembers all that stuff right the more accounts you have obviously the more time it takes to add all this stuff in but it's a good way to think about retirement to see with if where you're at if you're gonna be able to retire on time when you want to or if you need to significantly start saving more money or if you're gonna have to work a little bit longer I certainly don't think it's the end-all be-all of retirement calculators but it does give you a pretty good amount of different data points that you can enter to really make a good a good guess at what you're at so anyway it's a free calculator online that I found and I really kind of like that I would put a little video together show some document you guys have forgot something else we do me a favor drop me a like if you're not already subscribed subscribe the channel it really helps me out we're over 700 now we're growing and I want to keep it going as I said I make videos about once a week on finances retirement investing and taxes so if any of those are things that you are interested in subscribe the channel and you got about all that