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How To Determine If Your Plan is On Track
How To Determine If Your Plan is On Track

A guide for using the Overview to determine whether your plan is on track.

Nancy Gates avatar
Written by Nancy Gates
Updated over 2 months ago

1. Review Your Chance of Success

Chance of Success runs 100 simulations based on your plan's projected cash flow, return, and volatility assumptions — also known as a Monte Carlo simulation. Your chance of success is the percentage of these simulations in which you successfully make it to longevity age without running out of money. If you are planning for a married couple, it is based on the older of the two longevity ages.

2. Review the Lifetime Income Projection Chart

Review the Lifetime Income Projection chart columns to see where your income sources are coming from per year.

  • Notice which time periods income sources are variable, such as work income.

  • Notice which time periods income sources are guaranteed, such as Social Security, Annuities, and Pensions.

  • Notice which years you are drawing down savings.

  • Notice which years (if any) you have a deficit or are spending more than you have in the bank.

3. Review your savings projections

This can be found on the right rail of any of the My Plan pages.

4. Stress test your plan using pessimistic assumptions

See how your score, indicators, and chart changes when you view your plan under pessimistic assumptions.

If you are comfortable with your Chance of Success, if your savings are projected to last, and you are comfortable with the allocation and timing of income streams, then you are on track!

What Next?

If you want to improve your Chance of Success, or be less dependent on savings drawdowns...there are ways to improve your situation. You can change your retirement trajectory by making lifestyle changes to earn more, work longer, spend less, and invest using optimization strategies.

Edit your plan, experiment with different plan inputs to see how your score and projections change.

  • What happens if you work for 5 more years?

  • What happens if you reduce your expenses by $300 a month?

  • What happens if you delay taking Social Security until 70?

  • What happens if you save more towards tax advantage accounts?

These are just a few scenarios to model in your plan. Iterate through many scenarios and combinations until you find a plan that feels right for your aspirations.

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