Posts by jsangl

Voya’s Retirement Calculator

As part of our retirement planning series, we’re reviewing various online retirement calculators.

TODAY’S FOCUS: Voya Financial’s MyOrangeMoney Retirement Calculator

Key statistics:

  1. # of Questions: 5 Total Questions
    • “How old are you?”
    • “What’s your annual income?”
    • “How much have you saved for retirement so far?”
    • “How much are you saving per month today?”
    • “How much future income are you expecting from other sources?”
  2. Results: 3 Key Numbers
    • “Estimated monthly income”
    • “Estimated monthly goal”
    • “A difference of”

Thoughts regarding this calculator:

  1. Ease of use: 1  (1: Easy | 5: Challenging | 10: Very Difficult)
  2. Scenario Analysis Excellent. User is able to easily make adjustments to the initial data points using simple sliders and clicks.
  3. Conservative Calculation This calculator is fairly conservative. It assumes the following:
    • Retirement Income: 70% of working income. This might be a little low. Many calculators use 80% as their working assumption.
    • Rate of Return: 5% growth rate is the default. You can adjust this rate up or down using a simple slider.
    • Inflation Rate: This calculator uses 3% inflation rate. This is conservative relative to the more recent past.
  4. Spouse not included The user must combine incomes and investments savings in order to calculate their overall progress toward retirement. While this might seem intuitive for some people, it is not readily obvious.

OVERALL RATING: 4 (out of 5)

How Much Money Do You Need To Retire Well?

“How much money do you need to retire well?”

This is an important question we should all be able to answer. If we don’t know, it is impossible to measure our progress.

There are several excellent retirement calculators that can help you determine two key facts:

  1. Current Status Where do you stand right now? Using just a few key pieces of information, these calculators can help you understand whether or not you are on track for your preferred retirement lifestyle.
  2. Necessary Adjustments  Most of these calculators offer suggestions for improvement. Maybe you need to increase your monthly contributions. Perhaps you need to consider working a few extra years. Maybe you are actually ahead of plan and can scale back on your investments!

Here are some good retirement calculators to explore:

  1. Voya Financial’s MyOrangeMoney Retirement Calculator
  2. Fidelity’s Fidelity Retirement Score Calculator
  3. Vanguard’s Retirement Income Calculator
  4. Transamerica’s Retirement Calculator
  5. AARP’s Retirement Calculator
  6. BlackRock’s CoRI – Retirement Calculator
  7. MarketWatch’s Retirement Planner
  8. I Was Broke. Now I’m Not.’s Retirement Nest-Egg Calculator

Take a few minutes and browse through a couple of these calculators. You’ll be on your way to positioning yourself for an excellent retirement!

Financial Freedom Experience opens tomorrow

Today is the day! At 9:00 AM Eastern Time, registration has officially opened for the Financial Freedom Experience!

LEARN MORE: http://www.iwasbrokenowimnot.com/ffe

Here are all of the details and news about all of the bonuses available to early registrants.

Financial Freedom Experience (the details)

  1. 10 Experiences These lessons are quick and to the point. All practical and immediately able to be applied. On Demand.
  2. Downloadable audio lessons All lessons are downloadable as mp3 files so you can learn “on-the-go” and “off-line”.
  3. Bonus Lessons These additional lessons are for specific situations such as “Kids & Money” and “How to Manage Money with a Non-Participative Spouse)
  4. Dedicated Help A dedicated email address providing direct access to me and our team for your questions.
  5. Private Facebook Forum You will be given the opportunity to join a private Facebook Forum where you can celebrate accomplishments together and gain encouragement from a community of people who are climbing the IWBNIN Ladder to live a fully funded life.
  6. Payment Options There are two payment options – one-time and monthly

One-Time Payment: $197 (best value)

Monthly Payment: $37/month for six months

BONUSES

In addition, everyone who registers for the FFE will receive the following bonuses:

  • Bonus #1 Signed hardback copy of Joseph Sangl’s book, I Was Broke. Now I’m Not. ($20 value)
  • Bonus #2 Glossy poster of the I Was Broke. Now I’m Not. Ladder (11/x17) ($5 value)
  • Bonus #3 Three free ebooks: “Help! I can’t pay my bills!”, “Successfully Manage Money as a Single Parent”, and “Successfully Manage Money with a Non-participating Spouse” ($6 value)

Everyone who registers via the “one-time rate” of $197 will receive additional bonuses:

  • Bonus #4 Copy of Joseph Sangl’s book for young people, What Everyone Should Know About Money Before They Enter The Real World ($13 value)
  • Bonus #5 Signed hardback copy of Joseph Sangl’s book, OXEN: The Key to an Abundant Harvest ($25 value)
  • Bonus #6 Invitation to a special online event with Joseph Sangl. This exclusive event is designed to launch your finances to the next level. (Invitation Only)

Learn more and register via THIS LINK.

Since this is the last time we’re offering FFE this year, we’re expecting quite a few people to pounce on this opportunity right at 9AM. Please bear with us if the site slows down a little.

A Fun Way To Track Debt Pay Off

When I was focused on paying off my debts (student loans, credit cards, truck, car, furniture, our house, and my parents), it was difficult to really “see” the progress I was making. Even though I was making extra payments on my smallest debt (using the debt snowball), the bills kept on arriving each month. I wanted a way to actually see it visually – not just numbers on a page.

That’s when we created something we called our “Home Pay-Off Spectacular.” This was such a great and fun way to monitor our debt elimination progress! It allowed us to transform this “elephant”-sized debts into “bite”-sized chunks. In fact, it birthed more than 20 different “Debt Pay-Off Spectaculars” – and they are all FREE right HERE.

If you want to see exactly how to use this tool, watch this short YouTube video (4:45) and you’ll be on your way to debt freedom.

I encourage you to download your debt pay-off spectaculars right now and celebrate as you color in those squares!

Preparing for Retirement Income

We were recently asked this question, “I’m a few years out from retirement. What are some things I should be considering?”

It was a great question, and one that applies to all of us. With that in mind, we decided to share our answer with everyone.

As you prepare for your retirement, I encourage you to do the following:

  1. OUTGO:  Calculate your “needed” and “desired” retirement income
    • “Needed” income is what is absolutely necessary to maintain your life – giving, saving for known, upcoming non-monthly expenses (Christmas, vacations, property taxes, car maintenance/replacement, homeowner’s association fees, insurance deductibles, etc), food, car insurance, etc.
    • “Desired” income is what you would like to have in monthly income – it covers your “needed” income plus the extras you would like to be able to do throughout retirement
  2. INCOME:  Visit SSA.gov to determine your options
    • Upon establishment of your personal account, you will be able to see all of the available options including early retirement, full retirement, and delaying benefits until sometime past full retirement age.
  3. INCOME:  Determine other sources of income you expect to receive throughout retirement
    • Do you have any pensions?
    • Do you have any rental income sources?
    • Do you have any 401k, 403b, 457, TSP, Roth IRA, IRA, or other similar investments?
    • Do you have any assets (property, precious metals, business interest) you expect to sell to help fund retirement?
  4. Calculate your retirement nest-egg from multiple sources

It’s NEVER too early to start thinking about and planning for those retirement years!