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ILLUSTRATIVE EXAMPLE

Are we saving enough to retire?

Compare a retirement date with the savings rate and lifestyle it requires. The accounts, amounts, and answer below are fictional.

LSAMPLE ANSWERILLUSTRATIVE
THE SHORT ANSWER

You are close, but the current savings rate leaves the plan about $110,000 short at age 60. Increasing retirement contributions by $600 a month closes most of the gap. Retiring at 62 would also put the current plan on track without changing contributions.

KEY NUMBERS
Saving now$2,400/mo
Saving needed$3,000/mo
Target retirementAge 60
WHAT MATTERS
  • The retirement date is more sensitive to monthly saving than to small changes in investment returns.
  • Current housing costs fall before retirement, which improves the later years of the plan.
  • A two-year delay is the strongest backup option if income or childcare costs change.
POSSIBLE NEXT STEPS
  • Increase automatic retirement contributions by $300 per paycheck across the household.
  • Recheck the plan after the mortgage or childcare expense changes.
  • Compare ages 60, 61, and 62 before deciding whether the extra saving is worth it.
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