Retirement statistics are startling: 30% of US workers don’t expect to be able to retire, and about 50% plan to work until 70 or beyond.
Many feel they need more time to save for retirement.
Yet, most people hope to retire someday.
After all, if the primary purpose of work is to support oneself, once enough money is saved, why not retire and enjoy life?
After all, in the long run, we are all dead.
This truism, uttered first by John Maynard Keynes, reflects a paradox at the heart of retirement planning.
Retire too early, and retirement may be less comfortable. Retire too late, and there is a risk of regret.
The stories of regret often share a common theme. They include a lengthy, unfulfilling career followed by the diagnosis of a severe or terminal illness.
We can understand why not living life to the fullest can lead to resentment and anger.
Death, after all, is irreversible.
Life is finite.
What is the correct strategy?
Many people naturally choose to minimize regret in their decisions. Basically, this strategy involves taking the action most likely to prevent regret. For example, they might continue to stay in a job to save…
