Saving for retirement is the most important part of financial planning for most households in the U.S., but many still arrive at retirement without meaningful savings. One of the issues is the paralysis that prevents us from making sound and disciplined investments. That paralysis is caused by worrying too much about the ways to actually save and the amount needed for comfortable retirement, as this number can be overwhelming. The best way to overcome that is to set up a plan and then not worry about the actual finish line, but focus on disciplined contributions according to that plan.
Key Takeaways:
- According to the National Bureau of Economic Research, over 46% of older adults have died with less than $10,000 to their name.
- One of the best ways to make sure you won’t run out of money during retirement is simply to plan ahead of time and meet with a financial planner.
- Most people can take being cheap too far and this prevents them from getting the most enjoyment from their retirement.
“The findings challenge a common financial planning assumption that retirees’ spending will increase at the rate of inflation each year.”
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