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A significant number of retirees are failing at retirement to some degree and in today’s episode, we discuss what failing means and how you can avoid it. Fortunately, we can identify some of the more common ways people fail at retirement and help you steer clear of them.
Imagine if you were given the gift of 10 extra healthy years. What would you do with that time? You might be able to travel and see more of the world. You might be able to spend more time with your kids, grandkids, and even great grandkids. You might be able to make a bigger impact on the areas of life that are most important to you.
When it comes to making money decisions, humans are not always logical. We have a tendency to make behavioral mistakes and let emotions get in the way. Whether it’s being overcome by fear or greed, or letting the recency effect or confirmation bias cloud our judgment, these and other biases can hurt our investment returns.
Technology can be overwhelming but upcoming technologies may make life for retirees dramatically different–in a very good way. Roughly 10,000 Baby Boomers retire every day and soon they may be able to live longer, healthier lives in retirement. Many of my retiring clients look forward to their golden years but also worry about aging and losing their freedom. Although Boomers are considered relatively technology challenged compared to their Millennial children, new advances promise to not only extend our lifespans but improve the quality of our lives.
“History doesn’t repeat itself, but it rhymes,” according to a popular Wall Street saying that is often (mis)attributed to Mark Twain. No matter the source, it makes good copy! Looking beyond its cleverness, the saying does make sense. History never exactly repeats itself but closely studying financial market history can help us avoid making big mistakes in the future.
Nobody likes to look back on life and feel regret. And with that in mind, here are a few common regrets I hear from retirees. My hope is by sharing what other people have regretted, we can learn from them and avoid these regrets in our life.