In June 2015, the AICPA released The CPA’s Guide to Practical Retirement Planning. Join the author in reviewing selected sections of the guide to look beyond safe withdrawal rates, portfolio assumptions and Monte Carlo simulations. Get back to the basics of “what if” scenarios and “stress testing” the personal decision-making process by using real-life experiences and shedding light on the unknown. Improve your data-gathering process by:
• Including and valuing non-traditional assets in the financial plan
• Constructing reasonable “what if” scenarios for unknown health care costs
• Stress testing your client’s retirement lifestyle assumptions
• Using the benefits of goals-based data gathering to set clients’ minds at ease
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