In this video, we demonstrate how Voyant can be a game-changer in presenting a compelling case for increasing retirement savings. Discover how to use Voyant’s advanced features to illustrate the long-term benefits of saving more for retirement. We’ll walk you through creating impactful scenarios, visualizing future outcomes, and delivering personalized recommendations that resonate with your client's goals and aspirations. Learn how to leverage Voyant’s tools to highlight the potential for greater financial security, better retirement outcomes, and peace of mind. Empower your clients with clear, actionable insights that encourage proactive saving for a brighter, more secure retirement.
Transcript
Hi, in today’s training, I’ll walk you through how to have a client conversation in Voyant about saving for retirement.
Our example client is Claudia Moreno, who is in her late 30s. Claudia currently has:
A retirement living expense goal of $50,000 annually (roughly her current spending level).
An additional $8,000 annual travel goal.
Employment income of $110,000 per year.
A general investment account with a balance of $10,000 (no current contributions).
A 401(k) plan she is actively contributing to.
Reviewing Claudia’s Plan
Looking at Claudia’s base plan, the black line in the chart represents her total need each year—this includes living expenses, contributions, and taxes.
Currently, she’s contributing about $6,600 annually to her 401(k), and in her first pre-retirement year, she has a surplus income of $16,381. That surplus shifts over time as her plan grows.
Scenario 1: Save More Now
To explore options, we’ll create a What If scenario called Save More.
First, we’ll run the Annual Savings Insight, which tells us Claudia would need to save about $8,731 annually in order to eliminate the shortfall in her retirement plan. This doesn’t evaluate affordability—it just shows the amount required.
Looking back at Claudia’s pre-retirement years, we see she does have enough surplus income to cover this. This leads to a valuable client conversation: Where is that surplus income currently going? Is it being spent? Saved elsewhere?
To model this, we’ll adjust her general investment account:
Increase contributions to $9,000 annually.
Start now, end at retirement.
Growth rate: 6% gross, minus a 0.5% fee, leaving a net 5.5%.
Immediately, we see this eliminates the shortfall—the plan no longer shows red. The details confirm her taxable account is used first in early retirement, then Social Security, and finally her 401(k). By the end of the plan, she still has assets remaining in both her 401(k) and her home.
Scenario 2: Save More in 5 Years
Let’s model if Claudia delays saving. We’ll create another scenario called Save More in 5 Years.
Here, contributions to the general investment account start five years from now. This improves her financial stability compared to the base plan, but there is still some shortfall late in retirement.
Running the Annual Savings Insight again shows she would need about $11,000 annually to fully eliminate the shortfall. Adding that to the plan confirms Claudia still has plenty of surplus income available to fund it.
Comparing Plans
Using Chart View, we can now compare:
Base Plan vs. Save More Now
Base Plan vs. Save More in 5 Years
This allows Claudia to see the trade-offs in stability and end-of-plan assets across different saving strategies.
Scenario 3: Save All Surplus
Next, let’s test what happens if Claudia commits all of her surplus income to savings.
We’ll set up a transfer from all surplus into her general investment account, recurring from now until retirement.
The results:
No shortfall in the plan.
A significant cushion of assets remains at the end.
Looking at the Retirement Spending Insight, we see Claudia’s potential retirement spending capacity grows from $50,000 in the base plan to $87,300 annually.
Wrapping Up
This exercise gives Claudia a range of options to consider—from modest adjustments to maximizing her surplus—and highlights how different saving strategies can impact her financial stability and lifestyle in retirement.
I hope this was helpful. If you have any questions, please reach out via support:
Click the client’s name in the top right
Select Request Support
Enter your question and share client access
Thanks for listening!