As a financial advisor, I’ve had the pleasure of helping many clients comfortably reach and enjoy their retirement years. During my career, a few consistent themes have emerged. Clients generally want to know if their money will last their lifetime, or they have a good idea that it will but want to validate those assumptions. They may also be curious about how else the money could potentially be deployed, such as for traveling, buying a second home, or making monetary gifts during their retirement years.
Good financial advisors can help answer all of these questions. An important tool at our disposal is Monte Carlo analysis, which assesses the mathematical probability that individuals will meet their goals. In the process, the simulations can help reassure those planning for retirement to stay the course through market ups and downs so that they are more likely to achieve their goals.
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