Do you have a personality to resign rich – and remain so?
Your personality and other personal qualities may have a greater influence on how quickly you spend your retirement savings than factors such as your age, marital status, desire to leave an inheritance, and whether you continue to work during your retirement, according to published Research Monday in the journal Psychology and Aging.
Two features – integrity (for example, you are organized, thorough, hardworking and cautious) and financial self-efficacy (a sense of stability and control over financial situations) – had a strong direct relationship with how people got out of their retirement savings accounts. People with these traits left much more slowly.
Meanwhile, people who are more open to new experiences (for example, creative, creative, adventurous and curious); more pleasant (for example, those who are responsive, caring, warm and helpful); and more neurotic (for example, people who are often nervous, worried, capricious, and not calm) were more likely than others to leave their retirement savings more quickly.
And people who experienced a lot of negative emotions last month – such as fear, fear, frustration, disappointment, guilt, shame, bored, hostile, nervous, nervous, sad or upset – were also more likely to go to a higher level. index.
Possible reasons? “Increased neuroticism and negative emotions can lead to impulsive financial behavior and untimely investment decisions,” said Market Aatch Sarah Acebedo, author of the study and professor of financial planning at Texas Tech University, about these results. “Those who are more friendly are usually warm, helpful, kind and caring, and therefore may prefer to provide financial support to others (for example, friends, family, charity) instead of saving money in their accounts.”
And she adds: “Studies show that those who are above openness tend to give less value to tangible goods and more to experience, but also show impulsiveness and less prudent methods of money management, which again can lead to higher rates withdrawal of funds. "
The study examined data on the identities of more than 3,600 people in the United States aged 50 years and older (average age was 70 years) and compared with the tax data of the same participants.
The authors of the study – Acebido and Christopher Browning, also a professor of financial planning at the Texas Polytechnic University – warn that a higher withdrawal rate is not always a bad thing. “A higher rate of portfolio withdrawal is due to the fact that he puts a person on the path when he runs out of money too early. Nevertheless, if a higher rate of withdrawal of the portfolio does not run the risk of running out of money, then this may well contribute to a good life, ”Acedebo said in a statement.