Recently I had a conversation with a friend about our ability to remember.  He had, what I thought was a great quote, “I’ve been reminded so many times, I can never forget”.

While it’s coldly true that our memories and ability to remember wanes as we age, this quote may lend credence to other thought patterns. Yes, this has a lot to do with financial planning and investing.  What if we were “trained” (by being reminded so many times) to believe certain styles of planning is either the best method or it’s correct for us?  For example, if you are moving from the “accumulation phase” of investing to the “distribution phase” and are planning on taking distributions from all your assets at a rate of 4% - because that is what you’ve been told is the standard rate to assume, versus taking a clear look at your needs first, you may come up with a very different rate and plan.

The plethora of digital content on this topic has become so great that it may be overwhelming.  Between apps on your phone, websites and chatrooms, the resources to obtain information is virtually endless.  And, there are seminars and webinars that present on financial and estate planning which are also quite common.

Everyone should do their due diligence when it comes to their long-term planning for themselves and their families.  And that means one can extract all useful information from any resource.  Even if the resource is a financial professional.  Gathering information is critical, however, it needs to go beyond the mechanical parts of planning. At times, this is more emotional than people realize.  Hopefully the process maintains a discipline to make sure that the choices are not just suitable for their needs, but also meets their concerns and core values.

Peter Janowsky