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Should you prioritize investing?
Or perhaps a little bit of both?
Heres what they said.
One of the items I think needs more attention is spending money on taxes.
While theres no guarantee of this happening, it might inform your retirement planning decisions.
Russo suggested speaking with a retirement specialist and an account to plan for this eventuality.
Also, Id rather pay taxes on the seeds than the harvest.
Of course, everyones situation is different.
Some people need those tax breaks now and cant afford to wait until they retire for those tax-free withdrawals.
I dont think this should come as a huge surprise.
Tekamp referenced a study by Dr. Thomas Gilovich, a psychology professor at Cornell University, to support this.
But its not just experiential spending that lends to more fulfillment.
Prosocial spending can, too.
But did you know thatauto and auto-related spendingalso has a positive correlation to retirement fulfillment?
Sure, the experience of driving a classic car could be enough for some people.
But according to Tekamp, its not the primary reason.
The opportunity for social interaction that otherwise wouldnt be there is now present.
Hence, the correlation to fulfillment.
Of course, cars wont be part of everyones ideal retirement.
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