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Have You Made a Retirement Planning Mistake?
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Retirement Planning
Have You Made a Retirement Planning Mistake?
<font face="arial, helvetica, sans-serif" size="1"><div>Wondering if you'll have enough for your retirement? Considering early retirement? These questions and much more are addressed in this investment plan, saving strategy-oriented message board.</div></font>
Saving for retirement isn't easy. Maybe you haven't saved enough money or aren't properly managing your risk. Either way, Retirement Planning: 5 Common Mistakes will help clue you in on ho
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Cat:7a9899c6-bb01-48a5-bd56-e73d9d7e3998Forum:f30f5dc6-f3c4-4828-8510-fbe290ff0053Discussion:fad7d0eb-b122-48a9-bd3b-691c669da220
Forums » Work & Retirement » Retirement Planning » Have You Made a Retirement Planning Mistake?
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Have You Made a Retirement Planning Mistake?
posted at September 28, 2011 1:22 PM EDT
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Posts: 39
First: July 23, 2010 Last: September 17, 2012 |
Saving for retirement isn't easy. Maybe you haven't saved enough money or aren't properly managing your risk. Either way, Retirement Planning: 5 Common Mistakes will help clue you in on how best to avoid hurting your future retirement plans. |
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Re: Have You Made a Retirement Planning Mistake?
posted at December 12, 2011 9:05 PM EST
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Posts: 1
First: December 12, 2011 Last: December 12, 2011 |
I put our money in a varible annuity it is ripping me off with fees and is doing horrible. we lost alot of money I can't get out of it. I will lose alot if we try. I don't know what to do , and it was our financial advisor that did it, he lied and didn,t tell us about everything.He is making money off of all his clients.Don't get in a varrible annuity. You have to live forever to get the money you put in. |
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Re: Have You Made a Retirement Planning Mistake?
posted at January 9, 2012 8:32 AM EST
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Posts: 1
First: January 9, 2012 Last: January 9, 2012 |
I am 58 and still working. i just received a salary increase I am trying to decide whether I should 1) put the salary increase towards paying down the mortgage principal, 2) increase my contribution to my 401(k) by the full amount of the raise, or 3) a combination of both. Seeking good advice. |
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Re: Have You Made a Retirement Planning Mistake?
posted at May 4, 2012 7:20 AM EDT
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Posts: 4325
First: April 13, 2008 Last: May 21, 2013 |
In Response to Re: Have You Made a Retirement Planning Mistake?: I am 58 and still working. i just received a salary increase I am trying to decide whether I should 1) put the salary increase towards paying down the mortgage principal, 2) increase my contribution to my 401(k) by the full amount of the raise, or 3) a combination of both. Seeking good advice. Posted by wny4ever Increase the contribution to the 401K. My reasoning is as follows: -The interest you pay on the house is tax deductable. Pay it down and your taxes will go up. Put it in the 401K and your income is sheltered so your taxes go down. -I can do the math but using credit to purchase an investment (your house) will increase your rate of return. -If you pay down the mortgage, you have effectively invested the money in your house instead of the 401K. With the housing market the way it will be for the next 4 years, the 401K will give you a much better return. -Next year, you can always take the money from the 401K with no penaty and pay off the house.
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Re: Have You Made a Retirement Planning Mistake?
posted at May 4, 2012 7:26 AM EDT
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Posts: 4325
First: April 13, 2008 Last: May 21, 2013 |
In Response to Re: Have You Made a Retirement Planning Mistake?: I put our money in a varible annuity it is ripping me off with fees and is doing horrible. we lost alot of money I can't get out of it. I will lose alot if we try. I don't know what to do , and it was our financial advisor that did it, he lied and didn,t tell us about everything.He is making money off of all his clients.Don't get in a varrible annuity. You have to live forever to get the money you put in. Posted by sharonallison Chin up. A variable annuity does have a lot of fees but so do mutual funds. It has the advantage of being tax deferred. The key question for you is what kind of investments are you in? I would hope a nice mix of equities (stocks) and income (bonds). As for it doing horrible, it depends on what investments you are in, as well as the management performance. Call the company who created the annuity and ask them to talk to you about options. If you don't trust the salesman, i mean, advisor, anymore, bypass him. However, don't call the company and immediately start hammering them for ripping you off. You are trying to find out what options you have and not just complain. Good rule of thumb is that every question you ask improves your position and every statement you make reduces it. Point of story: shut up and listen ;)
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Re: Have You Made a Retirement Planning Mistake?
posted at May 17, 2012 5:30 AM EDT
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Posts: 4325
First: April 13, 2008 Last: May 21, 2013 |
Looks like a nice blog and your point is well taken. I too am trying to do a life plan for retirement. Most of the readng I have done seem to be the "don't forget to consider............." type. I need a "here is how to compare" or "here is how it will work" kinkd of thing. Shall we start a new thread on life plan? I started to write here but it would be better to have a separate thread, no?
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Re: Have You Made a Retirement Planning Mistake?
posted at May 18, 2012 9:48 AM EDT
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Posts: 1
First: May 18, 2012 Last: May 18, 2012 |
I would like to avoid a mistake and wonder if I should pay off debts with my retirement. I lost my job, my husband still makes a good wage and we could save more if I didn't have to pay interest on my credit card debt. Would it be a mistake to pay those off so we aren't under that shadow? |
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Re: Have You Made a Retirement Planning Mistake?
posted at May 19, 2012 12:02 PM EDT
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Posts: 10
First: May 16, 2012 Last: June 22, 2012 |
In Response to Re: Have You Made a Retirement Planning Mistake?: Looks like a nice blog and your point is well taken. I too am trying to do a life plan for retirement. Most of the readng I have done seem to be the "don't forget to consider............." type. Posted by richva1041 Yes, lets. Maybe under this same thread or are you thinking something other than Retirement Planning? There are other pages and info we should be sharing so the stories can get out. I agree with you that we need more comparisons and "here is what I did..." type of commentary. |
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Re: Have You Made a Retirement Planning Mistake?
posted at May 19, 2012 12:07 PM EDT
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Posts: 10
First: May 16, 2012 Last: June 22, 2012 |
In Response to Re: Have You Made a Retirement Planning Mistake?: [QUOTE]Looks like a nice blog and your point is well taken. I too am trying to do a life plan for retirement. Most of the readng I have done seem to be the "don't forget to consider............." type. Thanks for the comments. YES! I think we need a separate "Life Planning" thread under Retirement Planning or ???. What are your thoughts on this? There are lots of stories to share and I agree we need more comparisons and "what I did..." commentary. As example, I was with the neighbors last night and one lady shared her change from full-time work to 3 days/week to now 1 day/week and how she is handling the transition....great stuff to share. |
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Re: Have You Made a Retirement Planning Mistake?
posted at July 9, 2012 9:39 PM EDT
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Posts: 1
First: July 9, 2012 Last: July 9, 2012 |
Gave our 401k plan savings to a certified financial planner who worked on 1% of total assets and asked for a 60/40 portfolio of stocks and bonds. We told him it had to be low risk. He gave us a .97% risk factor portfolio and said anything under 1% was low risk. It was all mutual funds with no bonds. Between the end of 2007 and beginning of 2009 he failed to move our money saying there's nothing making any money now and there's no safe place to put it and if we got out of the stock market, when would we know when to get back in. We lost 45% of our retirement and reported him to the state securities and exchange commission and they said because he put us into a growth portfolio, there was nothing they could do and wouldn't put it before the arbitration panel. What would have been a golden retirement is now a silver retirement. |
Forums » Work & Retirement » Retirement Planning » Have You Made a Retirement Planning Mistake?
