In a financial context, refers to the allocation of savings or revenue for retirement. The goal of retirement planning is to achieve financial independence.
Work with clients tax and legal advisors to develop a flexible asset and wealth preservation plan. Develop a strategy for planning for retirement by incorporating clients social security, pension and assets into a comprehensive plan.
The process of retirement planning aims to:
Assess readiness-to-retire given a desired retirement age and lifestyle, i.e., whether one has enough money to retire
Identify actions to improve readiness-to-retire
Acquire financial planning knowledge
Encourage saving practices
Monte Carlo method
The Monte Carlo method is a the most common form of a mathematical model that is applied to predict long-term investment behavior for a client’s retirement planning. Its use helps to identify adequacy of client’s investment to attain retirement readiness and to clarify strategic choices and actions. Yet, the investment domain is only a financial domain.