Recent research revealed that the majority of retirees all faced similar regrets in retirement. So what are some things individuals can do to avoid any retirement remorse? In this episode of Decoding Retirement, Robert "Bob" Powell speaks with Olivia Mitchell, professor at Wharton School at the University of Pennsylvania, about the regrets individuals are facing in retirement, the number one being that they didn’t save enough. Olivia states that due to the future insolvency of the Social Security Trust Fund, retirement planners will need to save even more for retirement. Find out all the details in this week’s episode of Decoding Retirement. Balancing debt and saving (2:50) How could the Social Security Trust Fund be saved from insolvency? "If it had been easy it would have already happened." Retirement regrets (5:30) What do people regret when they retire? "The majority of the respondents said they wished they had saved more." Retiring with debt (16:40) What happens to people who have to retire with debt? "Debt is increasingly troubling older populations."
Video highlights:
00:00:50 – The Social Security Fairness Act
00:02:50 – Social Security facing insolvency
00:09:00 – Financial literacy
00:12:50 – Optimally positioning 529 plans
00:10:50 – How to allocate your money
00:16:40 – Retiring with debt
00:19:10 – The importance of financial advice Retirement planning doesn’t mean locking up your money for a rainy day and forgetting about it. Planning your future means reacting to events today. Decoding Retirement gives you the tools to navigate the years ahead, and take action now! Yahoo Finance’s Decoding Retirement is hosted by Robert Powell, and produced by Austin Rivera. Find more episodes of Decoding Retirement at https://finance.yahoo.com/videos/series/decoding-retirement.
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