Question

While reviewing your current financial plan, you discover that you most likely won't achieve your long term financial goals. what should you do now?

Answer 1

You most likely won't achieve your long-term financial goals because all of these would be realistic things to do.

What are long-term financial goals?

• Calculate the annual costs of living you want to have in retirement. You can estimate how much money you'll need based on the budget you made when you first set out to achieve long-term financial goals. In retirement, you might need to budget for higher healthcare expenses.
• Subtract the anticipated income. Include Social Security, pensions, and retirement plans. You will then have the amount that your investment portfolio needs to fund.
• Calculate the number of retirement assets you'll require to reach your ideal retirement age. Base this on the amount you presently have and the amount you save each year. You can conduct the calculations using an online retirement calculator. If the remaining costs are covered by 4% or less of long-term financial goals sum at retirement

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Question

While reviewing your current financial plan, you discover that you most likely won't achieve your long-term financial goals. what should you do now?

1. Look at increasing your income.
2. Look at cutting back on your expenses.
3. Look at revising your goals.
4. All of these would be realistic things to do