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Optimal Relationships Daily - Dating, Marriage & Parenting

1944: The Thing that Retirees Regret the Most and How to Avoid It by Mark Dennis of Financial Finesse

Oct 29, 2023
11:14
Snipd AI
Mark Dennis of Financial Finesse shares retirees' biggest regret and how to avoid it by making informed and emotionally aware retirement decisions, emphasizing the importance of saving and investing for retirement.
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Podcast summary created with Snipd AI

Quick takeaways

  • Early Social Security claims by retirees can lead to smaller payments and increased likelihood of living in poverty during retirement.
  • Retirement planning should involve seeking knowledge from financial professionals, considering emotions, and understanding the financial implications of early Social Security claims.

Deep dives

Regret of Early Social Security Claims

Many retirees regret claiming their Social Security benefits early, as it results in smaller payments for the rest of their lives. A study by the National Bureau of Economic Research revealed that early claims are linked to an increased likelihood of living in poverty during retirement. Despite this, only about 4% of retirees delay collecting Social Security beyond their full retirement age. A combination of knowledge, emotions, and individual circumstances influences retirement decisions.

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