The 5 Types of Retirement Savers: Which One Are You? Ep #167

Do you know what your personality type is? Do you know what kind of saver you are? Knowing these things can help you learn more about yourself—and determine what you need to do to have a successful retirement. If you’re interested in learning more about the 5 personality types—and what it means for you—listen to this episode of Best in Wealth![bctt tweet="There are 5 types of retirement savers: which one are you? Learn more in this episode of Best in Wealth! #wealth #retirement #investing #invest #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:14] The 4 types of personality traits[5:27] #1: The ambitious risk-taker[7:33] #2: The cautious preparer[10:52] #3: The optimistic dreamer[13:14] #4: The purposeful planner[17:35] #5: The uncertain struggler[20:15] What each type should doThe 4 types of personalitiesHave you taken a personality test to learn more about yourself? According to an article published on Today.com, there are four main personality types, scored based on personality traits: openness, agreeableness, extraversion, neuroticism, and contentiousness. Understanding where you rank can help you predict your personality type. So what are they?Average: Most people are “average” and score high in neuroticism and extraversion while scoring low in openness.Reserved: reserved people are introverted and conscientious, neither open nor neurotic.Role models: Role models are natural leaders. They are agreeable, open, extraverted, and conscientious.Self-centered: Self-centered people score high in extroversion but are below average in all the other categories: openness, agreeableness, and conscientiousness.To grow, you need to know who you are. I scored the highest on the need for recognition and it’s true—I love a pat on the back. Once in a while, at a previous job, my sales manager would say, “Good job, Scott.” Unfortunately, he always followed it up with, “Your personality trait says I should do this.” Where do you land? #1 The ambitious risk-takerAccording to Barrons, ambitious risk-takers are educated, optimistic, and young.49% of the people surveyed were under 4528% were under the age of 3572% worked full-time52% have a bachelor's degreeMen are 54% of this group43% have a financial advisor.They are more likely to be open to new opportunities. 75% expect their income to last throughout retirement. They think they are experts in retirement planning. Is this you?[bctt tweet="When it comes to retirement planning, are you an ambitious risk-taker? Find out what category you fall into in this episode of Best in Wealth! #wealth #retirement #investing #invest #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]#2: The cautious preparerAre you a cautious preparer?56% of this group are men40% hold a bachelor’s degree68% are 45 or older (20% are 65-75)Many cautious preparers have prepared for the worst and stuck with tried and true investment strategies. They’re full of questions, do a ton of research, but rely on the experts. 27% are actually retired (the highest percentage of any type).#3: The optimistic dreamerHere are the stats on the optimistic dreamers:Women make up 57% of this group49% are under 45 and 26% under 35Only 46% have a high school diplomaTo this group, retirement seems to be far away. They expect to lead active...