Mapping out your future takes more than putting a simple budget and timeline together. Retirement planning should include all financial factors from insurance, to income, to social security. MyFedLife offers a way for federal employees to view their projected financial future through what is called a Benefit Analysis Report. It’s strongly encouraged for federal employees to take up on the opportunity and is a great way to find the help they are seeking to get on the right track with their financials. So, what are the benefits of a Benefit Analysis Report?
- The Benefit Analysis Report is generated by advisors, and a great way to view the federal employee’s retirement plan and short-/long-term goals quickly and clearly. This helps the employee think about where they want to be in retirement and what their plans are for retirement. This report also helps the advisor determine how to best guide and advise the client.
- It provides an explanation of the client’s retirement needs through various illustrations. Depending on the client’s learning method, the advisor can demonstrate their financials through bar graphs and charts or a detailed cash flow analysis. This flexibility allows advisors to transition between high level overviews to details charts and information sheets and allows them to really customize the experience and better relate to the client.
- The spouse can be included in to the analysis report with the client. The advisor can add in the spousal information regardless of whether he/she is working with a 401(k) or 403(b). Being able to add in this information will only help better illustrate where the client is now and allow the advisor to direct them to where they want to be in the future.
- The advisor is also able to plug in any outside accounts that the client may have, such as IRA accounts, other pensions, part-time jobs, lump sum accounts, etc. This allows the client to cover all bases and see exactly what their retirement will look like. The Benefit Analysis Report evaluates the outside accounts by the current balance, pre-retirement rate of return, contributions, and distributions.
- The Benefit Analysis Report shows the effects of many factors by conducting a what-if analysis. The active and comparable factors include, but are not limited to, exact monthly savings required for waiting before using your retirement savings, effects of the retirement age, effects of inflation, etc. The advisor is then able to guide the client to an understanding of where they are in their retirement planning and how they can retire successfully.
Click here to request a Benefit Analysis Report.
MFN 52 (06/21/2018)