Use realistic projections: Instead of making optimistic assumptions about returns on investments or

Use realistic projections: Instead of making optimistic assumptions about returns on investments or retirement expenses, use conservative and realistic projections in planning for retirement. This will help you to better prepare for the twists and turns of life as they come along. 3. Behavioral Finance Strategies for Better Retirement Planning Understanding the above biases is the first step toward improving retirement planning. But there are many practical strategies that an individual may employ to overcome the above biases in order to optimize his or her retirement savings. a. Commitment Devices: Making Retirement Saving Irresistible One of the very powerful tools is commitment devices - mechanisms to ensure that people remain committed to a long-term objective, for it creates consequences for those who may drift away from the objective. Automatic enrollment in a company\'s pension plan is the kind of commitment device that could force an employee to start saving part of his salary for retirement purposes, often automatically and with minimal further steps required. How to Use Commitm