Today’s Prep:
There are all sorts of online tools out there for financial planning. We’ll talk about some of the various technologies and tools to choose from as you prepare for retirement.
(Click the featured times below to jump forward in the episode)
Equipping Points:
00:50 – Technology And Retirement.
- Let’s talk about technology in retirement. There a lot of tools to choose from, each with some pros and cons.
1:15 – The Pros And Cons Of Google.
- Having access to information can be fantastic. However, you must remember it’s only a search engine, and companies pay for their brands to rank higher than other results. You may not be getting the proper thing when you look at the top result. If you’re googling financial things like investments or annuities, a lot of the first few things will be paid to catch your eye. Look for content written by an unbiased third party.
4:01 – Robo-Advisors.
- Robo-advisors of course aren’t real people. They’re complex algorithms that make automatic calculations. Sometimes, they’re able to prevent you from making a poor financial decision. However, it really only works when markets are calm. When markets are volatile, you need to work with someone who will help you manage expectations and make wise decisions. Don’t exclusively lean on robo-advisors to make financial decisions.
6:32 – Online Calculators.
- The online calculator makes it simple to learn how much money you expect to need in retirement. However, it uses simple calculations like income and life expectancy to make its predictions. Online calculators fail to consider your individual needs as well as your lifestyle. Take them with a grain of salt.
Today’s Takeaway:
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