It can be hard for us to really believe we are facing retirement. Sometimes, we just don’t want to admit that the time is fast approaching. We’ve all been told that we need to save for retirement long before the time arrives, but it’s hard to think ahead of how things will change for us. If only we could ‘picture” it …
As reported in a recent Financial Planning article, executives of Bank of America’s Merrill Edge program have altered the face of retirement planning, literally. A new online tool, Face Retirement, ages a consumer’s photo so investors can see what they’ll look like several years down the road.
The new tool is supposed to motivate Americans to save more for their retirement and to engage in conversations about their financial future. The tool was prompted, in part, by a Stanford University experiment finding that those who exposed “themselves” to their “older selves” were more likely to begin thinking about retirement and planning for it than those who were not exposed to the images.
The tool performs other functions as well. It can show a potential investor what prices will look like with inflation in the future. And most importantly, the tool can predict the amount of savings a person will need at the age of retirement.If you need some extra motivation to start saving more for retirement, check out the new tool mentioned above – hopefully, you’ll have a better “picture” of your future. After that, call Idaho Estate Planning at 208-939-7658 and ask for Bill. He'll set you up for a consultation and get you moving in the right direction. Remember, good planning is no accident.