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The Importance of Social Media In Retirement Planning

Role Of Social Media in Retirement Planning

Social media networks mainly Facebook, Linkedin and Twitter are a powerful means of networking, socializing and gaining information. While chatting with their peers, friends, relatives and acquaintances, people gain tremendous knowledge about what other's are doing in their lives. For instance, social media helps you to know where people in your network are working, where they are traveling, what are they buying and where they are investing and even how they are planning for their retirement.

Peer information influences retirement planning

Experts believe that by gaining information on how your peers are planning for their retirement years helps people in making decisions for their own retirement plan. The influence is so strong that many retirement planning companies are offering peer data information in their communication to influence people in their customer's network. However, some researchers are of the opinion that the effect on the peer network may not always be positive. This is because some people tend to deliberately do things differently than their peers.

Don’t get carried away by what others are doing

Experts caution people against being led by peer group mentality. This is because when it comes to investing, one-size-fits-all approach does not work. It is therefore advisable that you set your own retirement goals when planning how much percentage of your salary you must save and where you must invest.

Though you can use social media to gauge what others are doing so you are not left behind when it comes to retirement planning but you must definitely make your own unbiased decisions. This is because a popular choice of retirement planning may not be the most suited for your particular retirement goals. It is advisable that you practice great caution because the quality of your life after retirement will be based on the decisions you take today. As people are living longer and healthier lives today, you are likely to spend more in your retirement years as compared to your parents and grandparents. Hence, you need to invest wisely today to secure your tomorrow.

Use social media as a validation tool

It has been observed that people are more likely to buy products that are recommended by people in their peer network. Traditional advertising does attract, but people will always try to find their peer's opinion on the product and read reviews and testimonials about a product before making a purchase decision. A retirement planning product that has been validated by people they know and trust will always be preferred by customer. This is the reason why companies repeatedly request their customers to 'Like' them over Facebook, or ‘re-tweet’ them over Twitter. Besides, you always have the option to discuss a particular retirement plan and your retirement goals at length over social networking sites with your knowledgeable friends before you finally decide to buy a retirement planning policy.

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