Tuesday, December 11, 2012
The executives at Bank of America's Merrill Edge program have started using an aging tool named Face Retirement to give people the opportunity to look at themselves in their old age. The reason that the company has started this is because they claim that it gives people the incentive to begin the process of retirement planning earlier than they would without seeing their older self. Their claim is based upon a finding discovered by researchers at Stanford University. The researchers concluded that those who exposed to their older selves were more likely to begin thinking about retirement and planning for it than those who were not exposed to the images. The tool performs other functions as well. The tool can also show a potential investor what prices will look like with inflation in the future. For example, the tool predicted that with inflation a loaf of bread will probably be worth $7.41 in the year 2047. Most importantly, the tool also predicts what a person will need at the age of retirement.
See Margarida Correia, New Tool Helps Investors Face Retirement, Literally, Financial Planning, Dec. 6, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.