Most of us are looking forward to the retirement, but the cold truth is that many people are not quite prepare for it, which is a cause for a lot of anxiety. Starting preparation as early is possible is ideal, but even later in life you can undertake some steps to make it easier and more comfortable to retire. It is also true that the solution for one person may not be preferable for someone else. In most cases, hiring a professional help can be beneficial for your retirement savings strategy.
Key Takeaways:
- Factors that influence one’s retirement include, age, family, assets and liabilities, and risk preference.
- Psychologically, investors often suffer from recency bias, wrongly assuming that recent trends will necessarily continue.
- In general, 70% of one’s income is needed to maintain the same lifestyle during retirement.
“For example, it’s common practice to limit stock holdings as one ages.”
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