For Fidelity customers at or near retirement
If you are a Fidelity customer at or near retirement, Fidelity has a retirement planning tool that is definitely worth your time.
The tool I refer to goes far beyond the quickie "are you on track?" tools I've used in the past. Rather, this one is quite sophisticated and a bit complex. In fact, the user experience is somewhat akin to TurboTax -- where the logic and questionnaire dynamically change based on previous user input. (In printed form, the Planner Methodology is 29 pages!)
Fidelity recommends that you plan 10-30 minutes to go through the process. Based on my experience, I recommend that you plan to spend an hour or more so you get a chance to learn the ins and outs of what the tool is capable of doing.
Once you're logged into Fidelity, you will also be invited to work with one of their representatives who can help you through the process. Given the sophistication of the tool, I recommend that you take them up on this offer.
Note: In my case, I received an invite in the mail. The invite included a phone number where I did speak with a Fidelity retirement specialist for approximately 45 minutes. He was well informed and very helpful. The representative also pointed out a number of nuances in the tool that would not have otherwise been intuitive.
The balance of this post covers the basics for how to get started.
1. Go to www.fidelity.com.
2. Log into your Fidelity account.
3. Click the Retirement & Guidance tab at the top of the screen.
4. Click the overview link on the far left of the dropdown menu.
5. Click the Retirement Planning Tool link under the "Reach Your Financial Goals" heading.
6. Click on the Retirement Income Planner link at the center / bottom of your screen.
7. Enter your data.
Again, I recommend that you consult with a Fidelity representative to make sure you are getting the most from this tool.
Note: Don't be surprised if you get a soft-sell for an income annuity or other Fidelity products.
After I spend more time with the tool, I will probably post an update or two. So please check back to My First Million.
Good luck. 1stMill
Also read: Fidelity Diversified International Fund: '05 Mid-year Review...
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