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If you have these personality traits, you may be at greater risk of retiring



Do you have the personality to retire richly – and to stick to it?

Your personality and other personal characteristics may have a greater impact on how quickly you spend your retirement savings than factors such as age, marital status, your desire to leave a legacy, and whether you will continue to work in retirement, according to one on Monday Journal Psychology and Aging published study.

Two characteristics – conscientiousness (for example, they are organized, thorough, diligent and careful) and financial self-efficacy (a sense of resilience and control over the financial situation) had the strongest direct relationship with the rate at which persons have withdrawn from their retirement assets. People with these characteristics retreated much more slowly.

People who are more open to new experiences (for example, those who are creative, resourceful, adventurous, and curious); more pleasant (for example, those who are sympathetic, caring, warm and helpful); and neurotic (eg, people who are often nervous, worried, moody, and restless) were more likely than others to make greater use of their retirement savings.

And people who had many negative emotions in the last month ̵

1; such as fear, anxiety, anger, frustration, guilt, shame, boredom, hostility, nervousness, sadness or despair – were more likely to retreat at a higher rate.

The possible reasons? "Higher neuroticism and negative emotions can lead to impulsive financial behavior and untimely investment decisions," says Sarah Asebedo, author of the study and professor of financial planning at Texas Tech University, MarketWatch. "Those who are more in agreement are generally warm-hearted, personable, responsive and caring, and may give priority to others (such as friends, family, charities) over receiving money in their accounts."

"Research suggests that those who are more open focus less on material goods and more on experience, but also show impulsiveness and less prudent monetary management, which in turn can lead to higher withdrawal rates."

The study examined the personality data of more than 3,600 individuals aged 50 years or older (the mean age was 70 years) and matched with control data from the same participants.

The authors of the study – Asebedo and Christopher Browning, also professor of financial planning in Texas Tech University – beware, a higher withdrawal rate is not always a bad thing. "A higher portfolio withdrawal rate is important if the individual runs out of money too soon. However, if the higher portfolio deduction rate does not threaten to run out of money, it can facilitate a well-lived life, "Asebedo said in a statement.


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