Retirement plays an important role in an individual’s overall wealth management strategy. Many people are investing their assets and hoping to grow their portfolios in order to achieve the wealth necessary to retire comfortably. With that being said, many people take into account the Social Security benefits that they will receive, and they work with their financial advisors in order to attempt to determine which age they will be able to retire.
Noting this, financial advisors should be aware that the full retirement age is scheduled to increase to 66 years and 2 months in 2017, and gradually increase to 67 by the year 2022. Michael Kitces, a financial expert who runs an industry blog, recently published an article titled: “Social Security Full Retirement Age Increase for First Time Since 2005.” The post explores the impact that this gradual age increase will have not only on retirees but spouses who will rely on their benefits as well.
Tolerisk® is risk tolerance assessment software used by financial advisors to help determine a client’s ability and willingness to take risks with their wealth management strategies. It is the only risk tolerance assessment tool that incorporates cash-flows into the equation. When it comes to helping an individual plan for retirement, Tolerisk® uses factors such as annual mortality probabilities. These factors allow both advisors and their clients to improve their wealth management techniques to accommodate not only the duration of their retirement but also to provide survivors and heirs with any remaining assets.
In addition to incorporating factors such as mortality into an individual’s risk tolerance assessment report, Tolerisk® uses a variety of other factors in order to provide financial advisors with comprehensive and actionable data to relay to their clients. To find out more information about Tolerisk® risk tolerance assessment software, begin your free demo today.