Why We Don’t Provide Online Calculators
You may notice that our website does not include any financial calculators (retirement income, savings and investment growth, etc.). This is by design. While financial calculators may be useful to get a general idea, it provides just that. Typically, the results are far too broad and non-specific to take into consideration personal objectives, lifestyle, longevity, life changes and challenges. Important financial decisions based on the simplistic results from these types of calculators could be detrimental to one’s financial independence.
A non-financial example of this would be to plug in a cross-country destination into your car’s GPS to drive to a very important engagement, and expecting to arrive at the exact time and/or mileage indicated. This method would not allow for things such as traffic, construction and/or detours, weather, potential car trouble, and potty breaks.
In the financial world, hazards and changes occur regularly. Market conditions and performance, tax laws, and inflation (to name just a few) are anything but constant. In the road of life, family dynamics (children/grandchildren), health, employment, etc. are always variable.
To us, this screams the need for financial planning, with the emphasis on the “ing” at the end of the word plan.
. . .implying an active and ongoing process that adapts to and adjusts for the road blocks and challenges that arise. This is reflected in our planning approach. On all of the Retirement Feasibility/Independence Studies that we provide, we list the following statement:
“Retirement projections tend to be extremely sensitive to the inflation and investment return assumptions. It is important to remember that this analysis is based on a number of assumptions, both personal and economic, and is accurate only to the extent that these assumptions remain constant. Of course, this is uncharacteristic of the “real world”. Therefore, it is essential that your progress towards financial independence be monitored and re-evaluated. Only by adopting a procedure for periodic review is it possible to provide the most accurate and current measure of your ability to achieve financial independence.”
Don’t look to our website (or any website for that matter) for financial calculators any time soon. Allow OFM to be a long-term partner in helping you reach your goals with steady and accountable financial guidance.
All information is believed to be from reliable sources however we make no representation as to its completeness or accuracy. All economic and performance information is historical and not indicative of future results. Any market indices mentioned are unmanaged and cannot be invested in directly. Additional information, including management fees and expenses, is provided on our Form ADV Part 2. All investments involve risk and past performance is not a guarantee of future results.