Example 1: Financial Goal Statement
Financial Goal: Save for a Child’s College Education
Language: English
Financial Goal Statement
The objective is to accumulate $100,000 within the next 15 years to fund the child’s college education. To achieve this, the individual will contribute $500 monthly into a tax-advantaged 529 college savings plan, with an assumed annual return of 6%. Progress will be reviewed annually, and adjustments to contributions or investment strategy will be made based on changes in market conditions or educational cost estimates.
Example 2: Financial Goal Statement
Financial Goal: Retire Comfortably at Age 65
Language: English
Financial Goal Statement
The individual aims to retire comfortably at age 65 with a nest egg of $1.5 million, generating an annual withdrawal of $60,000 for 25 years. To achieve this, $1,200 will be invested monthly in a diversified retirement portfolio with a target return of 7% per year. The plan includes maximizing contributions to retirement accounts, reducing discretionary expenses, and reassessing the investment strategy every three years to ensure alignment with progress and goals.
