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Contenido proporcionado por Carol Dewey. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente Carol Dewey o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.
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Regrets, I've Had a Few: 7 Common Financial Regrets (and How to Avoid Them)

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Manage episode 363140339 series 3345764
Contenido proporcionado por Carol Dewey. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente Carol Dewey o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.

Key Takeaways:

  • A recent study reveals seven financial decisions older investors regret not making to better prepare for the future.
  • Being aware of these regrets can help us avoid similar decisions today that may impact our financial security later in life.
  • Many of these regrets center around retirement and the need for more savings due to longer life expectancies.

In this episode, Carol shares the findings of a study on financial regret among older adults and provides steps to avoid such regrets in our own financial decisions.

Regret 1: Not Saving Enough (57% regretted)

  • Start saving early, even small amounts can add up over time.
  • Set a budget, track expenses, and redirect savings towards retirement.
  • Periodically review and adjust your savings plan.
  • Take advantage of employer matching contributions.

Regret 2: Not Buying Long-Term Care (LTC) Insurance (40% regretted)

  • Understand the potential costs and benefits of LTC insurance.
  • Start the conversation early and explore options with a financial advisor.
  • Carefully review policy terms, coverage, and exclusions.
  • Long-term care expenses can be significant, making planning crucial.

Regret 3: Not Delaying Social Security Benefits (23% regretted)

  • Claiming benefits at 62 leads to reduced monthly benefits.
  • Delaying benefits until 70 can increase monthly benefits.
  • Understand the impact on retirement income and financial security.
  • Consider individual financial situation and retirement goals.

Regret 4: Not Purchasing Lifetime Income Payments (33% regretted)

  • Annuities provide a guaranteed income stream in retirement.
  • Understand different annuity types and how they fit your plan.

Regret 5: Depending Financially on Others (10% regretted)

  • Strive for financial independence by saving and investing.
  • Have a written financial plan and clear goals.
  • Communicate with family and collaborate on financial decisions.

Regret 6: Not Working Longer (37% regretted)

  • Working longer allows for more earning, saving, and delaying Social Security.
  • Can decrease mortality risk, sustain cognitive function, and provide social interaction.
  • Consider personal circumstances and preferences when deciding.

Regret 7: Underestimating Retirement Length (associated regret increase)

  • Average life expectancy doesn't account for the likelihood of living longer.
  • Prepare financially for the possibility of a longer retirement.

Remember, learning from others' regrets can help us make better financial choices. Stay tuned for more episodes on navigating an abundant retirement.

Sources:

  • National Bureau of Economic Research, 2022
  • U.S. Census Bureau, American Community Survey, 2017
  • U.S. Department of Health and Human Services, Office of the Assistant Secretary for Planning and Evaluation, April 2019
  • AARP, 2021
  • Center for Retirement Research at Boston College, 2021
  • Center for Disease Control and Prevention, Mortality in the United States, 2021

  continue reading

48 episodios

Artwork
iconCompartir
 
Manage episode 363140339 series 3345764
Contenido proporcionado por Carol Dewey. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente Carol Dewey o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.

Key Takeaways:

  • A recent study reveals seven financial decisions older investors regret not making to better prepare for the future.
  • Being aware of these regrets can help us avoid similar decisions today that may impact our financial security later in life.
  • Many of these regrets center around retirement and the need for more savings due to longer life expectancies.

In this episode, Carol shares the findings of a study on financial regret among older adults and provides steps to avoid such regrets in our own financial decisions.

Regret 1: Not Saving Enough (57% regretted)

  • Start saving early, even small amounts can add up over time.
  • Set a budget, track expenses, and redirect savings towards retirement.
  • Periodically review and adjust your savings plan.
  • Take advantage of employer matching contributions.

Regret 2: Not Buying Long-Term Care (LTC) Insurance (40% regretted)

  • Understand the potential costs and benefits of LTC insurance.
  • Start the conversation early and explore options with a financial advisor.
  • Carefully review policy terms, coverage, and exclusions.
  • Long-term care expenses can be significant, making planning crucial.

Regret 3: Not Delaying Social Security Benefits (23% regretted)

  • Claiming benefits at 62 leads to reduced monthly benefits.
  • Delaying benefits until 70 can increase monthly benefits.
  • Understand the impact on retirement income and financial security.
  • Consider individual financial situation and retirement goals.

Regret 4: Not Purchasing Lifetime Income Payments (33% regretted)

  • Annuities provide a guaranteed income stream in retirement.
  • Understand different annuity types and how they fit your plan.

Regret 5: Depending Financially on Others (10% regretted)

  • Strive for financial independence by saving and investing.
  • Have a written financial plan and clear goals.
  • Communicate with family and collaborate on financial decisions.

Regret 6: Not Working Longer (37% regretted)

  • Working longer allows for more earning, saving, and delaying Social Security.
  • Can decrease mortality risk, sustain cognitive function, and provide social interaction.
  • Consider personal circumstances and preferences when deciding.

Regret 7: Underestimating Retirement Length (associated regret increase)

  • Average life expectancy doesn't account for the likelihood of living longer.
  • Prepare financially for the possibility of a longer retirement.

Remember, learning from others' regrets can help us make better financial choices. Stay tuned for more episodes on navigating an abundant retirement.

Sources:

  • National Bureau of Economic Research, 2022
  • U.S. Census Bureau, American Community Survey, 2017
  • U.S. Department of Health and Human Services, Office of the Assistant Secretary for Planning and Evaluation, April 2019
  • AARP, 2021
  • Center for Retirement Research at Boston College, 2021
  • Center for Disease Control and Prevention, Mortality in the United States, 2021

  continue reading

48 episodios

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