February 24, 2010, Featured Articles
‘Saving More’ Trumps ‘Working Longer’
"I'll-work-till-I-drop" is often the first, but rarely the most sensible, response to a setback in retirement savings.
I'll postpone retirement” is the first thought that many people have when their retirement accounts drop in value. But emergency financial counseling can persuade them to decide to increase their saving rate instead.
That is one of the conclusions of a survey conducted by a team at the Center for Retirement Research at Boston College last summer. The finding was important, say the designer of the survey, because it shows that well-timed advice can produce more positive financial outcomes for many people.
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