As exciting as it is, the thought of retirement can be a scary one. By the time you reach retirement age, it seems like you have life all figured out. Now you’ll have to start all over again in the big, scary unknown. Why should you leave the comfort, income, and respect that you have in your career for a life of instability and the unknown? Listeners share their worries as well as their hopes for retirement in the practical planning segment and I discuss the sunk cost fallacy and how it pertains to retirement on the hot topic segment.
Read MoreA sunk cost bias is an economic term (also known as sunk cost fallacy) describing an error in decision making. Basically, we allow past decisions or events to overly influence future decisions. We let what was trap us and lead us into irrational decisions about what is. Learn more in this episode of Retirement Answer Man.
Read MoreOn this episode of The Retirement Answer Man, I’m going to walk you through a number of areas where you might be your biggest retirement obstacle because of a bias you have regarding sunk costs.
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