This article was originally published in our weekly newsletter.
Richard Feynman was a theoretical physicist who worked on the Manhattan Project during World War II.
He specialized in quantum mechanics and particle physics.
As he worked on the project, he started to feel like something wasn’t quite right.
In his words, the numbers from different teams, who were responsible for various steps in the bomb’s calculations, seemed just “slightly off.”
Each step was correct in isolation, but when strung together, the results didn’t seem to make sense.
Trusting his instincts, Feynman did something that few others had the courage to do.
He recalculated all the steps himself.
What he found was subtle, yet significant.
He identified minor rounding errors, inconsistent assumptions throughout the process, and overly confident approximations that had compounded across multiple steps.
Even though each error was minor, when combined, they would have significantly distorted the final result.
The issues Feynman found were not the result of anyone being lazy or wrong.
This was due to the lack of critical reevaluation and consistent assumptions within the project's scope.
Because Feynman took it upon himself to correct the calculations and bring the team together under the revised figures, they were able to fix the design flaws.
Without these adjustments, the project could have failed or been significantly less effective in its goal of ending the war.
Chances are you’re working with a financial advisor, an insurance agent, and a tax professional.
If you are like most people, your financial advisor runs the plan but may not be able to provide you with tax advice.
Your tax professional, CPA or otherwise, is probably only preparing your tax returns (entering in numbers based on what has happened).
That means you may not be getting proactive tax advice.
Your CPA’s opinions and strategies may not be aligned with your advisor's opinions and strategies.
Your insurance agent can’t give investment advice, tax advice, or financial planning advice.
That means they may be on the side, trying to present a convincing argument as to why you should buy the product that he/she is selling.
With multiple layers of disjointed opinions and advice, it’s no wonder that many people are stressed about their retirement plans.
The conflicting advice can create inefficiencies, which could result in you getting less out of your money.
It is not your job, nor should it be expected of you, to know how to bring the team together and guide them on what they should do.
That’s what you are paying them to do.
Problems often arise when they are isolated.
This is why we strongly encourage people to work with one full-service financial planning and management practice.
They can bring the entire team together and work in harmony for your benefit.
A coordinated effort on your behalf may lead to a better overall plan and quality of life.
In this book, you'll discover:
How to run the numbers and see when you can afford to retire (It’s easier than you think).
Learn why many common retirement income strategies may be riskier than you realize.
Discover proprietary retirement income strategies that may be able to help you have more control over your income while potentially lowering your risk.
How to proactively anticipate and manage your retirement during the market's ups and downs.
Why it’s typically not too late to course-correct. If you have already retired, there’s still time to get on the right path.
And much more!
Investment advisory services are offered through Kedrec, LLC, a Kansas state Registered Investment Advisor. Insurance products and services are offered through its affiliate, Kedrec Legacy, LLC. We are not affiliated with the US government or any governmental agency.
Investing involves risk, including possible loss of principal. No investment strategy can guarantee success, ensure a profit or guarantee against losses. Insurance product guarantees are backed solely by the financial strength and claims-paying ability of the issuing company.
Insurance and annuity products involve fees and charges, including potential surrender penalties. Annuity withdrawals are subject to ordinary income taxes and potentially a 10% federal penalty before age 59-1/2. Life insurance generally requires medical and potentially financial underwriting to qualify for coverage. Optional features and riders may entail additional annual cost. Product and feature availability may vary by state.
Tax, legal and estate planning services are available only to members who purchase the Fresh Wealth Plan Membership level. Tax, legal and estate services provided by our network of tax and legal professionals. Always consult with qualified tax/legal advisors regarding your unique circumstances.
Investment advisory services are offered through Kedrec, LLC, a Kansas state Registered Investment Advisor. Insurance products and services are offered through its affiliate, Kedrec Legacy, LLC. We are not affiliated with the US government or any governmental agency.
Investing involves risk, including possible loss of principal. No investment strategy can guarantee success, ensure a profit or guarantee against losses. Insurance product guarantees are backed solely by the financial strength and claims-paying ability of the issuing company.
Insurance and annuity products involve fees and charges, including potential surrender penalties. Annuity withdrawals are subject to ordinary income taxes and potentially a 10% federal penalty before age 59-1/2. Life insurance generally requires medical and potentially financial underwriting to qualify for coverage. Optional features and riders may entail additional annual cost. Product and feature availability may vary by state.
Tax, legal and estate planning services are available only to members who purchase the Fresh Wealth Plan Membership level. Tax, legal and estate services provided by our network of tax and legal professionals. Always consult with qualified tax/legal advisors regarding your unique circumstances.