In the movie Groundhog Day, Bill Murray plays the role of TV weatherman Phil Connors. His character finds himself re-living the same February 2 over and over again with the chance to optimize the outcomes when he realized the day would be repeated over and over. Phil Connors is in the unique position to play his life to take advantage of outcomes of situations that he can anticipate. The attraction to the story is the realization that unlike Phil Connors…
We only have one chance to make decisions on matters that will affect the lives of ourselves and our families.
Approaching retirement, there are numerous decisions to be made.
Where should we live?
How much can we spend?
Would we benefit from a Long Term Care policy?
Are we taking too much or too little risk with our investments?
Which investments should we liquidate first, second, third?
Do we still need life insurance?
Will we be OK if we provide financial assistance to our children and grandchildren?
Will our “stuff” transfer where we want it to, in an efficient manner?
Are we being tax efficient with our decisions?
Fortunately, financial planning technology allows us to run various scenarios over a thousand trials in different conditions and determine which combinations of decisions result in an optimized outcome—not running out of money while living the lifestyle you desire—and which combinations provide less than acceptable outcomes.
If you haven’t had this type of analysis done, and you’re interested in getting clarity on where your future is headed, let’s get together.