A recent article by Bloomberg News in Financial Advisor begins: “Just because you have a Ph.D. in economics doesn’t mean you know how to invest for retirement.” The article tells the story of Alicia Munnell, the 72-year old director of Boston College’s Center for Retirement Research. Prior to joining Boston College, Munnell was a member of the President’s Council of Economic Advisers and assistant secretary of the Treasury for economic policy. Prior to that she worked for the Federal Reserve Bank of Boston for two decades after getting her Ph.D. at Harvard. Munnell shares both the smart financial decisions and the not-so-smart decisions that she has made along the way. She recommends that people focus on the things they can control, like their lifestyles, instead of fretting over whether they should be in stocks or bonds.
Read more here.