Pulling Back the Curtain on the Real Reason for Unsuccessful Retirements

Pulling back the curtain on the real reason for unsuccessful retirements

It’s no secret that the vast majority of Americans arrive at retirement significantly short of their intended financial dreams. In fact, the number one fear among Americans, above everything else, is the fear of running out of money in retirement. The most recent Retirement Confidence Survey numbers, published by the Employee Benefit Research Institute, put the percentage of retirees who are confident about having enough money to live comfortably in retirement at around 18 percent. 

That’s extremely alarming, to say the least! But here’s what I find even more sickening. Pundits are quick to run down the list of factors responsible for this unfortunate situation and every one of those reasons has to do with something that the American investor did wrong: 

• They didn’t save enough money.
• They chose the wrong funds to invest in.
• They didn’t diversify properly. 

Of course, these may well be part of the problem, but why isn’t anyone questioning the financial advice/guidance that these Americans receive and follow?

The fact of the matter is that if the financial advice vis-à-vis retirement strategy that you follow is flawed, simply saving a whole lot of money will not magically help you retire successfully. And I’m willing to bet that most of these folks followed some kind of financial advice – strangely enough, along the exact same lines that some of these so-called money gurus are espousing.

So why don’t we take a step back and dig deeper into the real underlying issues that are driving more than 80 percent of folks to spend their retirement in financial nervousness? Are we ignoring this obvious question because we don’t really want to know the answer? Are we afraid we might discover that impractical, unhelpful, and/or unrealistic financial advice is ruining more retirements than any other thing?

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