Lesson 2.2 - Adding Goals to the Client Profile

In inStream, the spending requirements, expenses or outflows, in a goal-based plan are defined as goals. 

Goals reflect an annual, after-tax spending amount and will run from the start of the year in January to the end of the year in December. Each goals-based plan must have at least one goal to calculate.

There are four goal types available within inStream:

  • Retirement
  • Education
  • Lifestyle
  • Legacy

The first three types - Retirement, Education, and Lifestyle are multi-year goals. Legacy goals are point in time goals.  We will take a look at each of these different goal types separately.

Retirement Goals

Retirement Goals are used to determine annual spending objectives for the plan.   This amount should reflect the spending necessary to meet standard of living expenses, e.g. mortgage, rent, clothing, utilities and day-to-day expenses should be reflected in the annual spending goal. Multiple consecutive goals can be set up to show an increase or reduction in spending over the life of the plan. 

Click here for more information on how to enter a Retirement Goal.

Education Goals

Education Goals are defined as the amount required to pay for education expenses.  This goal types provides the ability to manually populate an annual cost or search for a specific institution's current tuition expenses, based on the U.S. Department of Education data.  The start year of the education goal can be set to coincide with the recipient's high school graduation year so preparations and timelines can be as accurate as possible. The end year can be adjusted to plan for the number of expected years in the educational program.

Note: The education goal should be attached to the individual it benefits because the timeline will automatically align with the beneficiary's age.

Click here for more information on how to enter an Education Goal.

Lifestyle Goals

Lifestyle Goals represent larger, less frequent expenses that are not captured in the retirement spending goals.  Lifestyle expense may include:

  • New boat purchase
  • Vacations
  • Second home purchase
  • Children's Wedding Expenses

Click here for more information on how to enter a Lifestyle Goal.

Legacy Goals 

Legacy goals are used for one point in time outflows.  Examples include a bequest or a large one time charitable donation that would typically occur at the end of Life Expectancy. 

 Click here for more information on how to enter a Legacy Goal.

Click for more information on pro-rating goals in the first year of the plan. 




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