Your personality and other personal traits may have more of an impact on how fast 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 retirement, according to a study published Monday in the journal Psychology and Aging.
Meanwhile, people who are more open to new experiences ; more agreeable ; and more neurotic were more likely than others to withdraw from their retirement savings at a greater rate. The possible reasons? “Greater neuroticism and negative emotions can result in impulsive financial behavior and poorly timed investment decisions,” Sarah Asebedo, an author of the study and a financial planning professor at Texas Tech University, tells MarketWatch of these findings. “Those greater in agreeableness tend to be warm, sympathetic, accommodating, and caring and therefore may prioritize giving financial support to others over preserving money in their accounts.
The study looked at personality data from more than 3,600 people in the U.S. age 50 or older and paired that with tax data from the same participants.
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