Retirement Planning and Psychological Traps

What is the main psychological trap discussed in the video regarding retirement?

• Investing in risky stocks

• Relying too much on Social Security

• Not knowing how much is enough and constantly wanting more

• Not saving enough money

According to the video, how do most retirees spend their time?

• Traveling the world

• Engaging in extreme sports

• Relaxing, sleeping, and watching TV

• Starting new businesses

What do retirees miss the most after leaving work, according to the Harvard happiness study?

• The office environment

• The people and relationships

• The financial security

• The daily routine

What is the main lesson from the personal story about the narrator's father?

• Avoid eating out to save money

• Invest in real estate for a secure retirement

• It's important to spend money to enjoy life in retirement

• Always save more than you think you need

What is the concept of 'hedonic adaptation' as discussed in the video?

• The tendency to always want more money

• The need to constantly change investment strategies

• The ability to adapt to new financial situations

• The tendency to return to a baseline level of happiness

What is the 4% rule in retirement planning?

• A rule to save 4% of your income annually

• A guideline to withdraw 4% of your retirement portfolio each year

• A strategy to invest 4% of your portfolio in bonds

• A method to increase your savings by 4% every year

What is the recommended asset allocation for a 30-year retirement window according to the video?

• 50% stocks and 50% bonds

• 100% stocks

• 100% bonds

• 75% stocks and 25% bonds

What is the 'retirement income replacement ratio' rule?

• A guideline to replace a percentage of your salary in retirement

• A method to calculate your Social Security benefits

• A rule to replace 100% of your pre-retirement income

• A strategy to invest in high-yield bonds

What is one strategy mentioned for supplementing retirement income?

• Investing in cryptocurrency

• Building passive income streams

• Relying solely on Social Security

• Starting a new career

What is a potential benefit of tracking your spending before retirement?

• It helps you save more money

• It allows you to predict your retirement expenses more accurately

• It guarantees a higher Social Security benefit

• It ensures you will never run out of money