In retirement planning, the simplest questions to ask are oftentimes the most difficult to answer. JourneyGuide is a new retirement planning software designed to quickly provide those answers in an interactive application. We begin our five-part series on JourneyGuide by first looking at the most pressing question, “How much can I spend in retirement?” Traditionally, the focus of retirement planning has been on accumulating to a target account value. Clients are repeatedly told “you need to have X dollars before you can safely retire.” The emphasis has been unduly placed on an intangible figure that can have a negative impact on the advisor-client relationship. If the target account value appears too lofty, the client may react with an attitude of helplessness and have a very negative outlook towards retirement. Another outcome of focusing solely on the retirement account value is the abstract concept of translating an account value to something the client can better relate to; namely, a discussion about lifestyle and how much the client can spend in retirement. JourneyGuide’s innovative, patent-pending algorithms allow clients to see in real-time what is most meaningful to them, i.e. their retirement spending number. Instead of using an antiquated rule such as a   Read more…