Balancing family finances with long-term goals.
The Johnsons, aged 42 and 44, earn a combined $450,000 annually and have accumulated $2.1 million in retirement accounts. Their challenge lies in determining how much they can realistically contribute to college funds for their three children (ages 8, 12, and 15) without jeopardizing their ability to retire comfortably, aiming for a retirement income that maintains their current lifestyle.
Using Golden Door Asset's Retirement Calculator, the Johnsons can input their current savings, income, expected retirement age (65), and desired retirement income. Factoring in estimated college costs for each child ($400,000 total per child), the calculator projects a potential retirement nest egg of $7.5 million. By adjusting contribution rates to their 401(k) and 529 plans, they can model different scenarios and optimize their savings strategy to meet both their retirement and college funding goals.
The Retirement Calculator allows for scenario planning by adjusting key variables like contribution rates, investment returns, and inflation. By simulating different market conditions, the Johnsons can stress-test their financial plan and adjust as needed.
$500,000 potential increase to retirement savings through optimized investment strategy over 23 years.
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