Example input
1.Current age : 33
2. Age to retire : 65
3. Current income : 72000
4. Currently saved for retirement : 45000
5. Sources of retirement income such as a pension or Social Security : Yes, I have a pension that will provide $2,800 per month
6. Other sources of retirement income, such as a pension or Social Security: Yes, I have a pension that will provide $2,800 per month
7. Existing debt : 45000
Example output
Great! Thank you for providing that information. Based on the information you have provided, here is a summary report of your retirement plan:
Estimated Income during retirement:
With a current monthly pension of $2,800 and an additional pension of $2,800, your total monthly retirement income will be $5,600. With a 6% annual return on your savings of $45,000, you can expect to have an additional $550,000 in retirement savings by the time you retire at age 65.
Savings goals for retirement:
Based on your current income, desired retirement age, and expected retirement expenses, you should aim to save at least 15% of your income annually for retirement. This would equate to approximately $10,800 per year in retirement savings.
Expected retirement expenses:
It is important to plan for your expected retirement expenses, which may include housing costs, healthcare expenses, and leisure activities. Based on your current lifestyle and anticipated retirement plans, your expected retirement expenses may be around $5,000 per month.
Risk tolerance and investment style that need to be followed:
Based on your age and retirement timeline, it may be appropriate to have a moderate to aggressive risk tolerance with a diversified investment portfolio. You should consider discussing your risk tolerance and investment style with a financial advisor to ensure that your investments align with your retirement goals and comfort level.
Thank you for providing your information. Let me know if you have any additional questions or if you would like to continue with the remaining topics.
Reg