For years, retirees have struggled with planning their finances. Even when they think they have set enough aside, the world is still full of surprises. When you look for help “the answer you typically get from financial advisers is to save as much as possible, or way more than you could ever spend, and hope for the best. The result is workers scared to retire and retirees terrified to spend a dime on anything fun or frivolous.”
However, Bloomberg may have just found a diamond in the rough for retirees: A retirement calculator that has the potential to give substantial feedback on your financial plans.
“United Income, a new money manager backed by some of the biggest names in retirement, pitching big data as a solution. It’s deploying huge sets of stats on investment performance, retiree spending, longevity, and other crucial factors to simulate innumerable outcomes. The software estimates the chances that each client’s personalized retirement strategy will actually succeed, then refines the plan if it won’t, based on as many as 18 million simulations per client, UI said. The aim is to make retirees’ money go a lot further than other planning software, which Founder and CEO Matt Fellowes scorns as hopelessly out of date.”
Retirees or those looking to retire shouldn’t hesitate to find more at bloomberg.com.
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