When it comes to retirement planning have you given sufficient cogitation to your cognitive abilities down the road? Today’s article highlights a disturbing finding in this regard: “financial literacy tends to decline by about 1% per year after age sixty, but financial confidence remains the same.” As such, the author cautions that “with retirement, it is important to consider how declining cognitive skills associated with aging will make it increasingly difficult to self-manage your investment and withdrawal decisions” and that “it is important to plan ahead and make binding decisions before cognitive impairment sets in.” What are some examples of these binding decisions? CLICK HERE to read more.
“We like to think it’s things beyond our control – job layoffs, market downturns, big unanticipated expenses – that undermine our planning efforts and make achieving a secure retirement such a challenge. But the truth is we often inflict the most serious damage on our own by deluding ourselves into believing we’re making reasonable decisions when we’re not.” Today’s article outlines “four examples of the kind of lies we tell ourselves…that can dramatically sabotage our chances of retirement success.” One such lie? “If I fall behind, I’ll make up for it with higher investment returns.” To see all four lies and learn why those that may seem reasonable are really not, CLICK HERE.