The Action Items report provides a list of recommended actions tailored to your financial plan. Completing these actions will improve your chances of achieving your personal financial goals.
The software analyzes your plan models and identifies relevant action items. This report lists action items for each plan year identified by the software.
For example, in the action items report below, you will see recommendations for the 401(k) and Brokerage accounts. The action item suggests "contribute X amount of dollars each year." This indicates that the current contributions are insufficient to meet all long-term goals, and following the recommended contributions will help achieve those goals.
A few other action types you may see:
Annual Contribution Action Item
- Account contributions for each year
- E.g. “Contribute the maximum amount"
Asset Allocation Action Item
- Recommended Asset Allocation changes
AssetLiquidation Action Item
- E.g. “Liquidate this asset for this amount e.g. liquidate this vacation home for $500,000”
Life Insurance Action Item
- Notes the year the life insurance was opened.
- E.g. “Purchase Life Insurance”
Transfer Action Item
- E.g. “Transfer from $50,000 to a Roth IRA.”
Debt Goal Action Item
- E.g. “Changed annual repayment to $30,000. Debt will be paid off by year 2040”
Immediate Action Item
- Always occurs in the first year
- Includes:
- Expense Reduction Action Item
- E.g. “Eliminate this expense./Reduce this expense by $500 per month”
- Closed Savings Account Action Item
- E.g. “Close this account”
- New Savings Action Item
- E.g. “Open this account”
- Expense Reduction Action Item