The Marshmallow Test and Social Security

In the late 60s, a Stanford researcher named Walter Mischel conducted an experiment in which he offered a group of 4 and 5 year-olds a choice.  They could have one marshmallow now, or wait 15 minutes to eat the first marshmallow and get a second marshmallow.  The study has been recreated hundreds of times over the years.  This video was made in 2014.  We hope you laugh as much as we do every time we watch it.  

We also hope you consider the idea that many financial decisions, including but certainly not limited to when to take Social Security benefits, present a near-term temptation that you must balance against a longer term payoff.  Too much patience and you'll miss out on enjoyment.  Too little and you may forfeit opportunities later.  We regularly help clients address these trade-offs as part of our process.