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If they were given the opportunity to overburden things, many pensioners say they would make financial decisions differently.
According to the study Olivia MitchellProfessor Wharton and Executive Director of Council for Pension Research, most adults over 50 expressed strong regret for insufficient savings.
“Most respondents said they wanted to save more,” Mitchell said in a recent episode of retirement decoding (see video above or listen to down). “Only 2% said they wanted to save less.”
Retirees also pointed out other regrets. Many regretted working longer and did not delay their social security claims – both would increase their revenue revenue.
Another notable finding was regretting that he did not secure a lifelong revenue, such as anuitet. Anuitets provide a constant flow of income, which facilitates cost management, especially since cognitive abilities decline with age.
“Many people are not financially as literate as they were younger,” Mitchell said. “And to have that constant flow of revenue and may be a real incentive. People have regretted not doing so.”
Read more: Fixed Anuitets opposite CDS: What is better for your pension savings?
In Podcast, Mitchell also dealt with the increasing number of older adults withdrawing with a mortgage debt, long student loan, long on a credit card and the like.
According to Mitchell, the elderly adults once were proud of the fact that without a retirement debt-so that the burning ceremonies were a common tradition in the 20th century America.
“But such an attitude is not worth the retirees today,” she said.
More and more pensioners are now retiring without a mortgage repayment – and in some cases even get a greater mortgage when moving to sunny climate or other state.
The debt on the credit card has also become more and more concerned with retirees. And unusual, about 6% of pensioners now see that the social security checks are decorated with unpaid student loans – whether theirs or those taken out for their children, Mitchell said.
“So the debt is increasingly concerned about the older population,” she said.
Read more: How to pay off your credit card debt when your budget is solid
Furthermore, Mitchell noted that high inflation led to increased interest rates on different types of debt, including mortgage, credit cards and student loans.
