5 Mistakes That Will Sink Your Retirement

mistakes?

EEK! There's so much out there to worry about when thinking about retirement. It can be pretty scary! Thank you for your post! The only way to avoid these mistakes is to learn about them. In relation to your article I found another website which also proved to be very helpful:

http://www.e-personalfinance.com/article/6-Retirement-Mistakes.html

Liz of CA @ Jul 14, 2009 18:51:59 PM

lose your assets and stay with your mutual

I laugh to see the advice of the "experts"quoted in this article.I took all moneys out of mutuals in 1999 when our government started down the road of "repeating the mistakes of 1929 by deregulating the banks".I risked it all ($112k)in tobacco for the next 3 yrs.(+150%)Then started buying metal mining and energy(+280%)I am now retired but still active on the market.My little $112k isn't even what I make a yr now on actively trading.This ytd I am up $120k and made $16,800 before noon.Can everyone do the same?I just know that the banks can make you money,but not if you give any of your's to them.Just trade the stock.C,wfc,bac have all been very good to me,this yr.Hence the big bucks I am making day trading them.You CAN do better than taking the advice of this article.

paul callicoat of WA @ May 05, 2009 13:17:56 PM

Danger of Staying in the Market

"One danger, if you get out of equities, is that you'll miss the upturn when markets turn around. That's costly"

The real danger is the above statement. It could also be interpreted as " Stay around so that you lose your shirt and when the market turns you won't have any shirt to go anywhere"

Why are people in the investment industry so concerned about you losing out on possible future gains when people are experiences real losses today.

When the market turns it does not sky rocket over night. A prudent investor can always get back in.

Neil of NJ @ Apr 22, 2009 11:20:00 AM

Financial Investing during retirement

Most finanical advisors that I or my friends have worked with, are no better and in some cases much worse, then my own directed investing programs. We were rocked hard with the Tech downturn in 2000 and again this past year (2008) with a loss of 30% of our investment funds.

The investment that has saved us and allows us to enjoy a modest retirement is Treasury Bonds. We purchased I Bonds and they now pay nearly 8%. This was my wife's condition before adding any mutual funds. I researched Balanced Funds that never lost a cent over 30 years (or close to it). The one that we purchased was Dodge and Cox Balanced Fund. This past year they are down about 40%. Go figure! I was depending on the expertise of a five member group and they laid a goose egg. So in 10 years or more, the only investment which has really paid off was Treasuries.

During a divorce, my wife's former husband bought her an annuity that promised to pay about $60,000 a year at 65. The company, Executive Life, one of the largest insurance companies in California, in the 20 year interval, went bankrupt.

So, her retirement funds come from Social Security.

IMHO, investment advice is overrated and the only method that works is DIVERSIFICATION. Make sure there are monies in your retirement funds that you cannot lose...regardless of the economy. That's what Treasury Bonds and others government funds are for. And it doesn't take one million to retire. We have been living a wonderful life on $3000 a month or less, even though we expected at least $6000 a month. Hey! That's life!

The upside of personal investing is that it keeps one accountable for his/her own decisions, as well as actively involved in the outer world. It's been fun and challenging at the same time. I suggest you consider it and become less dependent on a finanical advisor. Hell! The bankers can't even keep their own balance sheets clean and profitable.

David Michael of OR @ Feb 13, 2009 22:26:15 PM

401k used for house downpayment...

now what?! I understand federal taxes will be imposed in the next tax year.......any hope of that be voided?

BG of Charleston SC of SC @ Jan 24, 2009 13:50:31 PM

the stock market

I placed my trust in a financial advisor 14 years ago; I still do trust her. My portfolio lost 40,000.00 and I honestly don't know what total gains I made over the years. (There were good times too, of course). I feel ill about the down side of investing. Overall , with all the money I invested initially-- I have not really "made any money" ... i's about a wash -- which is disgusting to me; 14 years and no money made. Currently only 16% of my investments are stock based , as I wasn so very upset @ the stocks, my Advisor adjusted the mix. Hindsight is 20-20 and of course I wish I had all my money in some safe conventional spot. I am working at age 55 in a field where I can't save anything more. The money I invested when I could is IT. I know I am not alone. I have to fight off thoughts every few days to pull out all my $$. I want to flee to a bank with my cash and hide it in an an account that will grow very little- but at least will be safe..

catherine of OH @ Jan 06, 2009 18:51:11 PM

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Hi, thanks for the great information.

Berta of NE @ Nov 17, 2008 07:21:55 AM

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Good job of research. Thanks for the informative post.

Dike of VT @ Nov 17, 2008 04:42:02 AM