1944: The Thing that Retirees Regret the Most and How to Avoid It by Mark Dennis of Financial Finesse
Oct 29, 2023
11:14
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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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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.
Importance of Knowledge and Emotions in Retirement Decisions
Retirees who successfully transition into retirement make informed decisions by seeking knowledge and expertise from financial professionals. They also tune into their emotions and consider how their feelings may impact their long-term interests. Understanding the changing retirement age and the financial implications of early Social Security claims play a crucial role in retirement planning. It is essential to balance both financial and psychological factors when preparing for retirement to minimize future regrets.
Mark Dennis with Financial Finesse shares the biggest regret of retirees and how to avoid it.
Episode 1944: The Thing that Retirees Regret the Most and How to Avoid It by Mark Dennis of Financial Finesse
After years in the financial services industry, Liz Davidson became disgusted with how many people were being sold financial products and services that were not in their best interest. She decided there had to be a better way to provide people from all walks of life with truly unbiased financial guidance--designed to line their pockets, not their financial advisor’s.
This is the story of Financial Finesse and how they give employees and employers unbiased financial wellness as an employee benefit. They help your employees maximize their compensation and benefits by making better financial decisions. You become a partner in their financial security and reap the benefits of a financially healthy workforce.
They’ve helped hundreds of thousands of employees change their lives.