“The more expensive you imagine your future, the larger the sacrifice you will have to make today.” Mr. Ariely and Mrs. Holzwarth, Duke University
Recent research from Duke University says that we completely get it wrong when we estimate the cost of retirement. Many people (apparently) guess they will spend 70% of what they spend while working and the research came up with…130%. Yes, people spend more in retirement than they did while working.
Now, some of you are already retired and so this is, well, either wrong or it is (coincidentally) correct but the results are, I hope, for the rest of you, startling. That is our goal—to make a decision today that gives us happiness tomorrow as well as today.
The story from the professors goes on to give a do-it-yourself financial plan. Here’s a hint—don’t bother—it’s both way more difficult and complex than the story makes it out to be—and infinitely easier if you just give a call to your financial planner. Our forecasting tools are award-winning and can get as precise as you could possibly ask for. They are also pretty fun for us to use.
How to Make Those Big Decisions
Recently, a story in the New York Times discussed big decisions and gave some handy tips on how to make them. Retirement, of course, is one of the biggest decisions of any person’s life. Money brings up countless emotions and is attached to every area of our lives today…when we think about living off the money we’ve accumulated, we justifiably could feel any number of emotions as we think about how it could provide for any number of our lifestyle needs.
Since the NY Times story is free, I’ll just link to it below. Some of the tips you might have heard before, some of them perhaps are worth a shot.
So what is the big decision you are facing today? Could you share that with your planner? Why not? Doesn’t it involve money? Of course it does…doesn’t it involve trade-offs between today and the future? Likely it does…many times, by helping others like yourself, we have a little helpful insight that might push you in the direction of making a decision perfectly aligned with your long-term goals and values.
If nothing else, your financial planner has provided you a comforting, listening, and caring ear for your concerns. And that, in today’s hustle-bustle world, is worth a fortune.
Here is a story from the NY Times:
Here is a story from the Wall Street Journal (subscription required):