…including flipping a coin! And June 1st is national flip a coin day. It’s a bit mind-boggling when you realize some of the decisions that have been made based on the flipping of a coin.
While there are many things that are left to chance, I am in hopes that your financial future is not one of them. Depending on whom you ask, coin tosses have a 50/50 chance of landing either way or a 51% chance of landing heads up due to the slight difference in weight.
The question is: Do you know what your probability of “winning the coin toss” in retirement is? Do you know the probability of success or failure (running out of money) in retirement?
Unfortunately, for those who have not done any planning yet, the probability looks worse than a 50/50 coin toss. It is not at all uncommon for us to see the probability of success well below 50% when someone first meets with an advisor. What needs to happen to raise that probability to an acceptable level? Planning. It really is that simple.
Planning meets you where you are. Let’s look at just a few of the areas of planning for retirement that we regularly address:
While the results of a coin toss are basically 50/50, with the odds weighing ever so slightly in favor of heads over tails, most people don’t want to leave their retirement up to a coin toss and count on 50/50 odds. When it comes to your retirement, don’t just hope that things work out. Plan on it!
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.