You probably won't retire when you think

Delaying retirement has become standard advice to help fix an unsatisfactory retirement plan, but it may not be realistic for everyone.

Steve Wendel 6 September, 2018 | 5:00PM

As we plan for retirement, many of us start with the age at which we'd like to retire and then work backward. What will I need to save? What standard of living will I have, now and in retirement? How should I invest?

If we don't like the answers, we make adjustments accordingly.

For those of us who don't intend to work indefinitely, when we'll retire is the foundation upon which our retirement plan rests. Unfortunately, that foundation isn't nearly as solid as we think. We often systematically misjudge when we'll actually retire, and that can wreak havoc our finances.

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About Author

Steve Wendel

Steve Wendel  Steve Wendel is head of behavioral science for Morningstar, where he leads a team of behavioral scientists and practitioners who conduct original research to help people invest and manage their money more effectively.

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