Tips for improving retirement results

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Critics panic it, but there is a great line from the 1979 film's main event, which highlights our strange relationship with money. Barbara Streisand is an entrepreneur who stops with the financial resources of his business manager

"When you say I have no money, do you mean you should be careful or do not have toothpaste?" He asked an adviser.

And there you have it. There are big numbers in our lives - the final pay stubs, the RRSP balance, the T-4 slip, the net verification, the odd debts. But the ratio of numbers is rarely understood.

Looking at Chicago's recent Morningstar Investment Conference in the Crystal Ball of Financial Market, Yale There was some credibility to improve retirement results:

1. You need a hero to have a positive, meaning role model - whose monetary life is none of your praise but that your own situation is pretty much - a Morningstar study was associated with the feeling of financial happiness. Social comparisons, generally, were more important in financial welfare than age, income and even financial literacy.

And it has not been found in your study, the topic to compare to you. If you keep with the Jonas, negative feelings are created and more positive feelings are created than the less fortunate ones. For healthier comparisons, someone whose financial life you appreciate and why did the decision or behavior get them there? Do you have such a quality Can you do a thing to be more like them now? See yourself in the role of your role model and imitate it.

2. Forget the highest income Nobel laureate Daniel Kahniman noted that the maximum goal should be to create a portfolio with very low probability so that the investor can get bail by investing in the wrong time at the right time. Using this philosophy that only some other things are damaged on long-term returns, some money manager creates two separate portfolios for the clients, the client should handle or represent the highest and minimum level of risk, he said. Retired people often think of this as a "bucket strategy" - to meet the immediate living costs in conservative investments, with risky strategies for fixed-year down the road.

3. Hug your number long-term counsel can save people 10 times its final salary, for a single majority, being able to retire. But young Savar's job opportunities are low, university loans increase and smallest pay, although Sterling's true, retired retirement pension is an average pre-retiree track instead of 51 percent, and with social protection, Morningstar's behavioral science major Steve Wendell. It is at least 70 percent out of the general recommendation, but keys are meant to convince people what they need and for the sake of shortcomings. Instead of living the living standards widely or "working for eternity", taking a few changes together can have a big impact, Wendell said. Think of retiring from the age of 67, scaling a little more towards the expectations of living, and if you pay at least 6 percent of the pension in the retirement account, you have started the offer, he proposed.