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You can’t necessarily trust your own instincts

You probably think you are sensible and can make rational decisions. But you may not realise that you are influenced by a number of behavioural biases which can result in poor decision making.

Poor numeracy skills and lack of understanding will have a negative influence on your decision making. A good adviser will help you overcome your behavioural biases.

Some of the most common behavioural biases are as follows:

  • Overconfidence – You may overestimate your ability to make the right decisions
  • Information bias – Watch out for fake or misleading news
  • Loss aversion – Fear about short term losses may result in you being over cautious
  • Hyperbolic discounting – You should avoid short-termism and take a longer-term view

By presenting facts and figures in a clear and concise way and making sure you understand the importance of taking a long-term view of your retirement needs, a good adviser will help you avoid making mistakes resulting from your behavioural biases.

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If you want to make the most of pension freedoms you should start planning ahead and make sure your financial affairs are in good shape in the years running up to retirement.

William Burrows

William Burrows

Offices in London and Northampton

Call: 07730 435 657

Better Retirement Group Ltd

400 Pavilion Drive
Northampton
NN4 7PA 
 68 Lombard St
London
EC3V 9LJ

If you need help or advice - Contact us

As one of the most respected specialist retirement advisers, William Burrows and Better Retirement will be pleased to help you make the right decisions at any stage of your retirement journey.

Call or email now for a free and without commitment chat.