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If the opportunity has the opportunity to do things, many retirees say they will make financial decisions differently.
According to research before Olivia MitchellProfessor Warton and CEO of the Pension Pension Research Council, which is the majority of adults over the age of 50 He expressed strong regret for insufficient savings.
“The majority of the respondents said they wish to save more,” Mitchell said in a recent episode of the retirement decoding retirement. “Only 2 % said they wished they saved less.”
Other most regrettable retirees. Many regretted not working for a longer period and not delaying their social security claims – both of which will increase the retirement income.
Another prominent result was the regret for not securing lifelong income, such as through installments. Pensions provide a fixed input flow, which facilitates the management of expenses, especially with the low cognitive capabilities with age.
“Many people are not financially as they were when they were younger,” Mitchell said. “This fixed income stream and can be a real boost. People regret not doing it too.”
Read more: Fixed pensions against CDs: Which is better for your retirement savings?
In podcasts, Mitchell also took the increasing number of elderly people who retire with mortgage debts, student loan debts, credit card debts, and the like.
According to Mitchell, the elderly were the elderly proud that they were debt-free in retirement-to the point that the celebrations burning real estate were a common tradition in America in the twentieth century.
“But this situation is not true for retirees today,” she said.
More and more retirees now enter retirement without paying their mortgage – and in some cases, they take a greater mortgage when moving to a sunny climate or another country.
Credit card debt has also become a growing concern for retirees. Mitchell said about 6 % of retirees now see social security tests decorated due to unpaid student loans – either their own or those who were taken out to their children.
She said, “So the debts are increasingly disturbing the oldest population,” she said.
Read more: How to pay the debts of credit cards when your budget is narrow
Moreover, Mitchell pointed out that high inflation has increased interest rates on different types of debt, including mortgages, credit cards and student loans.
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