One of the first pages in their plan is the Snapshot page. The Snapshot is a one- or two page summary of many of the key elements in their financial goal plan. Most of the detailed information follows in the pages after the Snapshot, but sometimes it's nice to just see a simple summary.

After the Discovery, Get Organized, and Explore Possibilities Meetings with Embolden Financial Planning LLC, they have a Financial Goal plan and are on track for all of their goals before and after retirement. There is an 80% Probability of success that they will not run out of money in any one year of their plan.

The dark blue line shows their projected median, or midpoint, asset value over time. Half the time the asset value will be more, and half the time it will be less. They can also see in what range their assets are projected to be both 50% and 90% of the time.

Equities, or stocks, typically have a greater return potential than Fixed Income, or bonds. Also, Equities are typically more volatile than Fixed Income. Homer and Marge can see that their current allocation is heavily weighted towards more risky, higher-return oriented investments.

They shared all of their financial information, including assets and liabilities, and now they have their very own Balance Sheet. They securely linked their accounts to Embolden Financial Planning LLC's financial planning platform called RightCapital and can now see their net worth updated on a daily basis.

They can see all of their assets, liabilities, and net worth in one place.

They have bank accounts, investment accounts, a home, and a car.

Homer and Marge have a credit card, a mortgage, a home equity line of credit balance, a car loan, and a student loan.

The difference between their assets and liabilities.

After a conversation with Embolden Financial Planning LLC about their Emergency Fund, an amount of liquid savings set aside for emergency cash needs, they decided they would like to keep three months worth of living expenses in their Emergency Fund. This fund will be used only for emergency purposes, like unexpected medical expenses, emergency home repairs, or job losses.

They have it in the same bank account they use for all of their expenses.

It looks like Homer and Marge need to set aside some additional cash to hit the Emergency Fund target. They may want to set up a separate bank account and name it "Emergency Fund" so that it is clear what the money is for.

They weren't sure where their money was being spent. After securely linking their accounts to the financial goal-planning platform, Embolden Financial Planning LLC completed a review of their transactions, and then they worked together to establish a budget.

Housing, utilities, groceries, and loan payments are just a few examples of the categories that Homer and Marge's expenses fall under.

This will help Homer and Marge stay on track to achieve their financial goals.

After sharing information about their debt with Embolden Financial Planning LLC and discussing different strategies for debt repayment, they now have a plan for managing their debts.

Who is owed, what the balance owed is, and the interest rate on the debt.

The strategy that Homer and Marge decided on was to maintain their current payment schedule.

Student loan debt has unique options for repayment, or in some cases, forgiveness. Embolden Financial Planning LLC did some analysis to see if there were any options that could help with repayment.

He works in the private sector, which eliminated the options available to public sector employees. He only has one loan, so consolidation may not make sense. He may be able to qualify for income-driven repayment.

After they each completed a Risk Tolerance Questionnaire, they had a discussion with Embolden Financial Planning LLC about the appropriate level of risk to take with their investments, what amount of risk would allow them to sleep soundly at night, and how it impacted their financial goal plan. They made the decision to reduce the risk in their portfolio by reducing the allocation to Equities and increasing the allocation to Fixed Income.

Embolden Financial Planning LLC will provide specific trade recommendations to bring their portfolio in line with the target allocation in a tax efficient manner. Next year, when Homer and Marge meet for their annual review, Embolden Financial Planning LLC will offer recommendations to bring their portfolio back to target if needed.

They are big fans of Amazon and Microsoft and have been aggressively purchasing those stocks. And a lot of their investments are in taxable accounts.

After working with Embolden Financial Planning LLC, Homer and Marge now have a strategy. They will sell a portion of these shares over the next few years to spread the tax liability over multiple tax years.

And they are planning on making contributions to tax-deferred and tax-exempt investment accounts because that is what works best for their financial goal plan.

Their financial goal plan was run through 1,000 Monte Carlo simulations of potential risk and return scenarios. To determine how the occurrence of various risks would affect the plan, it was stress-tested.

Which is to say that the probability that their plan will not run out of money in any year is 80%.

The probability of success may drop by up to 8% if risks like a 20% reduction in social security, higher than expected inflation, or lower returns on assets occur.

They can see the projected savings plan for each year until retirement. And for their retirement years, they can see the projected income and expenses for each year.

The majority of Homer and Marge's savings are projected to be saved for the goal of retirement, but they also plan to save for their kids future education.

They are going to rely on savings and social security benefits for the majority of their retirement expenses.

After receiving copies of their social security statements, Embolden Financial Planning LLC was able to present the optimal strategy for collecting social security benefits.

If Homer and Marge follow the optimal strategy, the plan projects a significant difference in the total amount they receive.

When compared to collecting social security early, this is the age where waiting begins to pay off for them.

But now they know what may impact their Medicare decisions, and they have a resource for things to consider when the time comes.

The variables include potential employer coverage, where they will live in retirement, and their health status. Homer and Marge are planning to schedule a meeting with Embolden Financial Planning LLC to talk about Medicare when the time comes to make a decision.

It's helpful to see the colorful breakdown of projected cash flows for the current year. It's really helpful to see the detailed projected cash flows for future years.

Now Homer and Marge can easily see where the money is going and where they might make an adjustment.

They are projected to have cash in excess of their planned savings available to spend.

Embolden Financial Planning LLC reviewed their existing life insurance coverage and how it would support the surviving spouse through the end of their financial goal plan.

Homer actually has more life insurance than he is projected to need. Embolden Financial Planning LLC does not sell insurance or earn any commissions, so if insurance is recommended for a client, it is because it is believed to be in the client's best interest. Homer and Marge are comfortable with having more insurance than is needed, so no action is needed.

Embolden Financial Planning LLC reviewed their existing disability insurance coverage and how it would support them and the success of their financial goal plan.

Homer's policy through his employer is projected to cover 49% of his income if there is a disability that prevents him from working. Homer and Marge decided in conversation with Embolden Financial Planning LLC that they did not need additional coverage.

They saw how expensive and important additional care for their aging parents was, so they spoke with an insurance broker and obtained long-term care insurance policies.

After a review of their projected plan, which incorporated an increase in living expenses in the last years of their plan related to aging and diminished mobility, it was determined that Homer and Marge would be able to self insure for the expenses that their long-term care insurance policies did not cover.

Homeowner's insurance to protect their home. Auto insurance for bodily injuries and destruction of property. Umbrella insurance for additional liability coverage.

After a discussion with Embolden Financial Planning LLC, it was determined that an appropriate level of coverage was 80% of Homer and Marge's home value and that they would need to increase their coverage. They meet the state required minimums for auto insurance coverage, so no addition is needed. After analyzing their financial plan and existing liability coverage, Embolden Financial Planning LLC believes there is no need for umbrella insurance at this time.

They wanted to know how much they would need to save for each child and how that would impact their financial goal plan.

Based on the projected cost of college, scholarships, and student borrowing, Homer and Marge have a target amount that they would like to save to help Bart through college. They have set up a 529 College Savings plan and will make annual contributions. Embolden Financial Planning LLC completed this education analysis for each of their three children.

Embolden Financial Planning LLC analyzed projected income, timing, and tax brackets to find opportunities to initiate conversions.

If Homer and Marge complete the conversion of tax-deferred accounts into tax-free accounts at the right time, it is projected to help increase their portfolio value.

Embolden Financial Planning LLC completed a review of the documents they set uo with an estate planning attorney and created a report to keep track. Additionally, a review of how beneficiaries were setup on their accounts was completed.

When Homer and Marge meet for their annual reviews with Embolden Financial Planning LLC, this may be one of the topics they discuss in order to make sure the plan is still appropriate.

If any accounts had missing beneficiaries or if the beneficiaries were no longer correct, Embolden Financial Planning LLC would make a recommendation to update that information.

They can see how their assets will flow and to whom at the end of their lives. This is based on their actual estate plan and projected asset values.

Homer and Marge would like to be more charitable with their assets. This illustration helped make it clear that they hadn't left any of their estate to charitable causes. They've scheduled a meeting with Embolden Financial Planning LLC for a focused discussion about charitable giving strategies.

An illustration of their net worth, income, savings, expenses, and goals.

In addition to this report, they were given detailed instructions on how to implement the plan, including the specific trades needed to bring their portfolio in line with their target allocation. If they have questions, they know Embolden Financial Planning LLC is available to help via email or with a meeting.

They know that this is just the start of their relationship with Embolden Financial Planning LLC. They are planning to meet annually to make sure they are still on track for success, which will include a review of their portfolio to make sure it is in line with the target asset allocation. If there have been any changes in their lives, like new or different goals, this is a chance to update the financial goal plan.

They also know that Embolden Financial Planning LLC is available to help with any questions or concerns along the way. If a question or concern comes up at any time during the year, Embolden Financial Planning LLC is available to help.

Start with a free introduction meeting.