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4 Ways Your Brain Is Blocking You from Saving for Retirement
Ally Invest reports that the most people will need between $1 million and $2 million to retire comfortably, assuming that most retirees will spend about 80% of their pre-retirement salary during retirement. “You want to save enough money so that when you’re not working, your income won’t drop substantially,” says Cornell Economics Professor of Behavioral Finance Dr. Vicki Bogan.
And yet, a recent GOBankingRates survey shows that 64% of people are poised to retire with less than $10,000 in savings. In a session titled “Why Your Brain Won’t Let You Invest for Retirement” during the Ally Invest digital conference “Elevate Your Financial Future," Ally Invest President Lule Demmissie and Bogan discussed four reasons Americans fail to save for retirement, and easy steps you can take today to get started.