How to Use the MyFutureOwl Savings Trainer
This MyFutureOwl Savings Trainer gives you an easy-to-use, interactive tool to sharpen your basic understanding of the future value of money and streams of monetary income as they may pertain to your efforts to build wealth, save for a specific goal, envision your retirement income needs, and explore whether you may have a shortfall in your retirement savings. You may use this trainer to advance your finanical literacy skills, but please by all means see your financial advisor to discuss how to put these concepts to work in planning for your future!
This Savings Trainer uses future and present value calculations of lump sums and annuitized cash flows to illustrate how certain savings decisions may benefically (or adversely!) affect your future financial condition.
To use the Savings Trainer, navigate to the menu, and select one of the four savings related options: wealth building, saving for a goal, thinking about retirement income, and assessing the adequacy of retirement savings. Once you start a training task, you will be prompted to answer a short series of questions. At any time you may press the HELP button for more information. At the end of the exercise, the Savings Trainer will display an illustration of what effect the choices you made in answering the questions could possibly have on your future finances.