Plan for Retirement

Introduction

Plan for Retirement is one of the pre-configured goals in the system. This screen allows the retail user to create a goal to plan for their retirement. The user also has an option to utilize the tool which will assist the user to calculate retirement benefits. Once the details are entered by the user appropriately, they can click the click here link to view the Total amount to be saved for the goal and Amount to be saved per month.

Note:

• Formula to calculate

Total Amount to be Saved for Goal = [Price of House - (Current Saving for this Goal + Home Loan, if any)]

Amount to be Saved per Month = [Price of House - (Current Saving for this Goal + Home Loan, if any)] / [Date Difference in terms of month (Goal End Date- Goal Start Date))]

• If the user clicks the Proceed button without calculating the above 2 values, system will warn the user that he/she has not computed the values for total amount to be saved for the goal and amount to be saved per month

• Result is shown in home currency

• The current savings for the goal cannot be greater than the amount that the user wants to retire with.

• After creating the goal successfully, in the subsequent screen, a message is displayed saying that -goal is created successfully, please link the account to the goal.

Navigation

The following is the navigation for this option:

• Select the Plan for Retirement goal and click the Proceed button in Set a New Goal screen.

• The Plan for Retirement screen is displayed.

What you can do

The table below provides a brief description of the data that must be specified on the screen and the functions you can perform:

Field

Description

Plan for Retirement

Goal Description

Specify the unique description for the new goal.

Amount you want to retire with

Specify the amount which user would like to accumulate when the user retires.

Goal Start Date

Specify the start date for the goal. The date from which user would start accumulating the money for the goal.

Goal End Date

Specify the end date for the goal. The date on which the user would like to stop accumulating the money for the goal.

Current Savings for this Goal

Specify the amount already saved for the goal.

For Calculating the total goal amount and monthly saving

To calculate:

• Total amount to be saved for the goal

• Amount to be saved per month

Total Amount to be saved for goal

The total amount to be saved for the goal.

Amount to be saved per month

The amount to be saved per month.