Investors' Four Personality Groups

Know thyself.

That's the message Will Prest wants to send to investors who are saving for retirement. Prest, senior retirement strategist at Transamerica, says self-awareness is a critical tool in retirement planning. "If you really want to manage your investments well, you need to understand your personality," says Prest. "It's always valuable to know who you are."

That's because investors need to understand why they make certain investment decisions, from asset allocation strategies to how they deal with sharp market downturns. After all, knowing why you make those decisions may help you avoid costly missteps as you march toward retirement, according to Prest. ...