Your retirement plan
The Retirement tab estimates what your accounts could add up to by the time you retire, and compares it with what you may need. You can change the inputs to see how the estimate moves.
The plan is a hypothetical estimate based on the assumptions you set. It is not a guarantee of future results, and actual results will differ. Investing involves risk, including possible loss of principal.
How do I set it up?
Tap the Retirement tab, then Get Started. The app asks:
- Your date of birth, if we don't have it.
- Your Social Security estimate: your average yearly income over your working years.
- Your expected future income. Then tap Finish.
After that, the tab opens straight to your plan.
What does the plan show?
The top figure, What you'll have, is the estimated value of your accounts at retirement. Under it, the plan says how far above or below your target that is.
The chart compares What you'll have with What you'll need.
What can I change?
- Retirement age: from 62 to 70
- Yearly spending in retirement: what you expect to spend each year
- Accounts: your alooola accounts, including a connected 401(k). You can also add accounts held elsewhere, or leave one out
- Advanced Plan Settings: inflation, your date of birth, your past and future income, your life expectancy, and your spouse
What the plan assumes you'll add to your alooola accounts comes from your recurring deposits.
What does "Close the gap" do?
If the estimate falls short of your target, the plan shows how much more each month would close the gap. Tap See how to try other amounts with a slider.
This only changes the plan. It doesn't change your deposits.
How do I save my changes?
Changes aren't saved as you go. Tap Save plan, check the changes, then tap Save Changes. If you close without saving, the app asks whether to discard them.
Can I include my spouse?
Yes. Open Advanced Plan Settings and turn on Include spouse.
Then add their date of birth, retirement age, income and life expectancy. See Share your accounts with your spouse.
How is the estimate worked out?
Tap Plan Assumptions in the plan to see what the estimate is built on. Small changes to the inputs can move the result a lot, so treat the figure as an estimate, not a promise.
Want to talk it through? Book a call with an advisor.