Anchoring Bias:- Relying Too Heavily on Initial Information Anchoring bias takes place when a person

Anchoring Bias:- Relying Too Heavily on Initial Information
Anchoring bias takes place when a person relies excessively on the first information he comes across while making a decision. Retirement planning can result in anchoring bias when investment decisions are based on past performances or when the first estimate of the retirement expenses is overly relied upon without revising the estimation for changes.
Overcoming Anchoring Bias: Review Assumptions Periodically Retirement planning is an adaptive process that demands periodical reviewing. Set up the practice of regularly reviewing and altering your savings rate, investment strategy, and retirement goal by virtue of updated information, life change conditions, and shifting market situations.
Use realistic projections: Instead of making optimistic assumptions about returns on investments or retirement expenses, use