An employee wants to retire in $10$ years. After setting up a savings plan, the employee realizes that with such large investments going into retirement savings, they do not have enough cash flow to pay for current expenses. What has the employee failed to do$?$

Multiple Choice

The employee has overestimated how much is require for retirement

The employee has not correctly calculated the time value of money

The employee has not taken inflation into consideration

The employee has not set a S$.$M$.$A$.$R$.$T$.$ goal.

The employee has not considered income needs for the short and long term