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This session examines the psychological aspects of retirement planning, with a focus on how individuals perceive and connect with their future selves. Jamie Hopkins and Eric Ludwig discuss key behavioral finance concepts such as the future self, end of history illusion, and temporal discounting, explaining their impact on retirement savings and decision-making. The conversation covers practical strategies for advisors to help clients overcome present bias, visualize their future selves, and make more informed long-term financial decisions. The speakers share insights on framing retirement savings, the importance of timing certain life experiences, and how advisors can use their knowledge of clients’ journeys to provide valuable guidance. Through a combination of academic research, real-world examples, and personal anecdotes, this program offers financial advisors innovative approaches to enhance their clients’ retirement planning process and outcomes.
Learning Objectives
Upon successful completion of this learning activity, you will confidently be able to:
- Explain the concept of the “future self” and its impact on retirement planning, and implement strategies to help clients better connect with their future selves for improved long-term financial decision-making.
- Analyze how behavioral biases such as the end of history illusion and present bias affect retirement planning, and develop methods to address these biases in client interactions.
- Apply framing techniques and timing strategies to enhance clients’ retirement planning processes, including reframing savings in terms of monthly retirement income and balancing current experiences with future financial security.
Presenters
Eric T. Ludwig, PhD, CFP®, RICP®
Jamie Hopkins, Esq., CFP®, ChFC®, CLU®, RICP®, LLM
CFP® CE Credit
This content is eligible for one hour of CFP® continuing education (CE) credit.
If you hold the CFP® mark and would like to receive CFP Board CE credit for this content, please ensure your CFP® ID number is entered here.
The College’s Professional Recertification Program (PRP)
This content is eligible for one hour of PRP continuing education credit.
To begin, click on the button below. As you move through the content, make sure to mark each page complete by clicking on the appropriate button, and then click Next Lesson at the bottom of each page. Once you complete the entire activity, the progress bar will show 100%.
The Future Self and Better Retirement Decisions
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