3 Ways to Trick Yourself Into Saving More
Morningstar's head of retirement research David Blanchett shares a few strategies for plumping up the nest egg.
My colleague Christine Benz talks a lot about bucket portfolios for retirees. Buckets are a form of mental accounting, where you divide your portfolio into subportfolios (or buckets) based on when you need the money. I've seen this approach work for retirees who were uncomfortable taking on a given level of risk when it was presented as a single portfolio but were fine when it was broken out across accounts (even though the total risk level was the same).
You can use mental accounting to help make better decisions across a variety of domains, and I recently had a personal experience with buckets when it comes to saving.