OpenBook briefing
Retirement Readiness Briefing
Start with the retirement income question you are trying to understand. OpenBook will keep rough estimates visible, use calculations only as educational support, and point to the questions worth checking next.
Runs in your browser and does not save what you enter.
You are thinking about retirement.
Together we'll set out the spending amount being tested, the income already expected, the savings already set aside, and the estimates behind the comparison.
You do not need perfect numbers to begin.
Retirement picture
This screen is reserved for future retirement starting points.
Retirement picture
To continue with this retirement briefing, we need an annual spending amount to test. A rough estimate is perfectly fine, and you can always adjust it later.
Retirement picture
To continue with this retirement question, we need the annual income already expected before savings or portfolio withdrawals are considered. A rough estimate is perfectly fine, and you can always adjust it later.
Retirement picture
To continue with this retirement briefing, we need the savings already set aside for retirement. A rough estimate is perfectly fine, and you can always adjust it later.
Retirement picture
To continue with this retirement picture, enter the number of years before this retirement-income estimate begins. This time horizon is needed because the briefing uses it to translate today's spending and income into future dollars and to project savings to that date.
Retirement picture
If you're unsure, use a rough annual savings estimate or choose no annual savings for now.
To continue with annual savings before retirement, enter an amount of $0 or more. If there are no annual savings for now, choose that option. If you are not sure yet, the briefing can use a rough estimate of $12,000.
Retirement picture
This is not a forecast. It is the annual return used to estimate current savings and future savings at the retirement date, before taxes and fees.
To continue with a return estimate, enter an annual return from -50% to 50%. If you are not sure yet, the briefing can use a rough estimate of 5%.
Retirement picture
Enter both spending and income in today's dollars. The briefing uses the same inflation estimate for both sides of the retirement gap.
To continue with an inflation estimate, enter a rate from 0% to 20%. If you are not sure yet, the briefing can use a rough estimate of 2.5%.
Home equity and downsizing
Do you own a home, and are you willing to explore whether downsizing could release money for retirement?
Downsizing picture
To continue with the downsizing question, we need an approximate value for the current home. A rough estimate is perfectly fine, and you can always adjust it later.
Downsizing picture
Use $0 or more for the amount that would need to be repaid from the sale.
Downsizing picture
To continue with the downsizing question, we need an approximate price for the lower-cost home. A rough estimate is perfectly fine, and you can always adjust it later.
Downsizing picture
Use $0 or more for estimated sale, purchase, moving, or transition costs. If you are not sure yet, the briefing can use a rough estimate of $35,000.
Downsizing picture
Use $0 or more for cash kept aside. If you are not sure yet, the briefing can use a rough estimate of $25,000.
Downsizing picture
This is not a forecast. It is only a return assumption for showing how released cash might grow in the estimate, before taxes and fees.
Use an annual return estimate from -50% to 50%. If you are not sure yet, the briefing can use a rough estimate of 4%.
Downsizing picture
Use a whole number from 1 to 60 years for when you expect to downsize your home. If you are not sure yet, the briefing can use a rough estimate of 10 years.
Your situation
Review the information below, then continue if it looks right for the briefing.
Prepare the briefing when the retirement picture is ready.