Urgent solution to retirement planning challenges
A big reason why people aren’t saving enough for retirement may be that they aren’t thinking enough about it.
“We talk a lot about how much you need to save for retirement and that most of us haven't saved enough. But even more troubling is people don't think enough about retirement,” said MarketWatch Editor-in-Chief Jeremy Olshan of a new report that highlights the best new ideas for retirement.
“We talked to one analyst who said people spend more time planning their weddings than they do their retirement -- a wedding lasts five hours—your retirement can last for decades. Actually the average retirement now lasts longer than the average U.S. marriage. So we need to give much more thought and consideration to what that transition means are both financially, emotionally what we're supposed to do with this pretty long period of our lives,” he explained during an interview on "Mornings with Maria."
The FIRE movement (Financial Independence/Retire Early) has recently become very popular, especially among younger people. Olshan believes the key part of this is not to retire early, but moving towards becoming financially independent.
“We are moving toward this economy where most of us are more of a contingent workers, you know, freelancers,” he said. “So finding a way to get to that point where it's on your terms is when you mean talk to a lot of young people that's their goal.”
CLICK HERE TO GET THE FOX BUSINESS APP
Olshan also said emotional intelligence now plays a part in planning for retirement.
“What financial advisers talk about now is… they're not just managing money they're managing your emotions, your psychology, getting you to think about this future self.”