6 Retirement Mistakes

JoyJoy · #1 (**permalink**) 07-11-2006, 04:12 PM

"A financial expert talks about his six retirement mistakes --and two things he did right."

http://www.aarp.org/bulletin/yourmon..._mistakes.html

Bluezy · #2 (**permalink**) 07-12-2006, 03:17 AM

Good article. Especially about the things he did right and planning for his "exit". Always have a will when you have minor children to designate a guardian should you die early on.

debtdude · #3 (**permalink**) 07-12-2006, 05:56 AM

I'm 33 and have a will. While it was a wee bit on the *weird* side to have one drawn up, with two children and a wife, I knew it was the right thing to do. I also did a living will at that time.

boefixepa · #4 (**permalink**) 07-12-2006, 07:58 AM

Good advice, I think I will print it out and give it my parents.

jmjj215 · #5 (**permalink**) 07-12-2006, 08:19 AM

I didn't read the article yet, but I think one mistake of retirement is retiring w/o enough money...

Ima saver · #6 (**permalink**) 07-12-2006, 08:35 AM

That is a BIG mistake.

Broken Arrow · #7 (**permalink**) 07-12-2006, 10:10 AM

Good article.

I recall reading a different article about how one retiree had nearly 300k in 401k and IRA, but then proceeded to squander it all 2 years after retirement. Consequently, he was forced to go back to work to support himself.

I guess the point is, it isn't enough to have a plan to save up to a certain point, and then decide you can let loose without a plan after that. Sensible money management is still needed to make sure you don't fall back into the money pit.

rob62521 · #8 (**permalink**) 07-12-2006, 10:40 AM

I think the key is planning ahead. That's what the author said and I think it's sound advice. Now, if I would only follow it....

Lori63 · #9 (**permalink**) 07-12-2006, 11:32 AM

Thanks-I bookmarked it to show hubby. The first paragraph sounds like him-40s, three kids, works at a paper.
We realized not to long ago that retirement is only 20 years away. I guess what made us realize what a short time that is is having a son starting college-just seems like yesterday he was born.

slimcustomer · #10 (**permalink**) 07-12-2006, 12:33 PM

I actually feel dirty after reading that article. You would think a financial writer would take more care about managing his own finances.

Ima saver · #11 (**permalink**) 07-12-2006, 01:01 PM

I think many people don't plan what they are going to do with their time in retirement. My father in law spends the entire day watching the news on tv, from morning to night!

Snoopy2645 · #12 (**permalink**) 07-14-2006, 07:27 PM

Good article!!! I know I havent started saving for retirement!! I plan to but money in ira's at tax time starting this coming year. I will be 30 then I dont want to wait any longer. I really had money put aside for retirement but figured I was better off paying down the mortgage first I figure at least this route I have alot of years mortgage free!! I can save more for retirement. I also plan to work at least pt as long as I can and also be at least as tight as I am now in my retirement days hoping I make it ok when the time comes!!! Cause according to my last letter from SSI it may not be around at all come time I retire that is a little scary!!