These 2 Emotional Biases Could Kill Your Retirement

Are your emotions sabotaging your retirement plans? Some basic knowledge and careful introspection can go a long way toward avoiding deadly pitfalls.

Two wooden blocks have faces drawn on them: One is happy and the other is sad.
(Image credit: Getty Images)

If investing and saving for retirement were based solely on objective mathematics, a very healthy nest egg could be a forgone conclusion for many of us. Realistically, however, investors are human beings, with wants, feelings, conflicting priorities and a wide range of emotions. In fact, a subfield of behavioral economics called behavioral finance studies how psychological influences and biases affect the financial behaviors of investors.

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Jack Gelnak, JD, AIF®
Founder/Wealth Preservation Strategist, Premier Wealth Advisors

Jack Gelnak is an experienced and talented adviser with a proficient and comprehensive understanding of investment concepts, tax and legal planning solutions. After 23 years as a practicing wealth manager, Jack finds satisfaction in getting to know each of his clients personally. Employing kindness, insight, compassion and integrity, he uses his knowledge and experience, together with coherent communication to identify solutions and explain complicated concepts in a way that make sense.