The Retirement Age goal card allows you to specify the target retirement age and month for each client. You can find this card within the Goals section of the Profile, which is where a client's financial goals are entered. By default, Goals is also the 6th step of the initial data entry process for newly created clients:
Click on this card to open a data entry drawer on the right side of your screen, allowing you to input the information. The retirement ages you enter for each client will influence any other data entry cards that are set to start or end at the client's retirement. It will also determine when pre-retirement living expenses will stop, and retirement living expenses will begin. You can control whether retirement expenses begin at first or second retirement in the plan settings.
By default, RightCapital assumes the clients retire at the start of the year. Check the box to indicate a specific month of retirement for each client.
If you specify a calendar month, the age entered will determine the calendar year of retirement, and the month selected will indicate which month in that year they expect to retire. Please note that this may be before or after their birthday when they turn retirement age.
As a reminder, the retirement ages entered here will be factored into the client's Current Plan in the retirement projections. Within the Retirement Analysis module, you can manipulate retirement ages using the Action Items to see the impact of retiring at different times:
