Many of us think about the amount of money we are spending but rarely do we ever pause to think about the time we have and how we are really spending it
Latest Retirement Research: Track Spending, Invest in Health
Not being financially literate can be dangerous to your wealth in retirement.
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Mar 3, 2021 8:00 AM EST
What advice then do experts have for older Americans with respect to their personal finances, retirement accounts, etc. What actions should they take and/or avoid?
A bit of background: Poor financial capability can erode well-being in later life, according to Understanding Debt in the Older Population, research co-authored by Annamaria Lusardi, a professor at the George Washington University School of Business and Olivia Mitchell, a professor the Wharton School of the University of Pennsylvania.
According to that research, older Americans, ages 51-61 carry debt due to student loans and unpaid medical bills; and having children also contributes to carrying debt close to retirement.
A Wharton expert gives five financial takeaways for people who have made New Year’s resolutions.
As we all try to put 2020 in our rearview mirror and begin the annual ritual of trying to keep New Year’s resolutions, from exercising more, to eating balanced meals, and making time for hobbies and recreation; Wharton School expert Olivia S. Mitchell, director of the Boettner Center for Pensions and Retirement Research, suggests including improving finances in those resolutions.
Despite the global pandemic, a divisive presidential election, and months of national racial unrest, Mitchell still endorses the most common financial resolutions for the New Year.