Exclusive Commentary from Dolan’s Direct: 10 Retirement Mistakes to Avoid at ALL Costs!!

by
July 28, 2014

Ah…the golden years…rest and relaxation after years of living by a schedule…the best years of your life.

The BEST only if you prudently handle your hard-earned nest egg.

We don’t want to lecture to you…but after talking with, literally, thousands of retired and soon-to-retire Americans, we got a first-hand view of the kinds of mistakes that people actually made that short-circuited their comfortable retirement years.

Don’t YOU make them!!

Putting the kids before your retirement savings

College. Starting a new business. Weddings. Unexpected medical expenses. Help with a house down payment. New baby. We all want to be able to financially help our children.

But please, we beg you, don’t do it at the expense of your own retirement.

We hear from far too many people who don’t have nearly enough saved for their retirement but are taking out loans to put their kids through school or are helping their kids buy their first house. Don’t put your retirement at risk by robbing from your nest egg for your kids.

HARD LOVE !!

Failing to plan for your retirement health needs

This is the first of many EXCLUSIVE 1776 Coalition commentaries that will be launched in the near future.

The cost of health care is rising out of sight. YES…Medicare DOES cover much of a retiree’s heath needs after the age of 65…but an emergency fund to help with uncovered health expenses is a major asset in retirement. Many retirees should consider MEDIGAP insurance.

As a cancer survivor (this is Ken), I can personally attest to the fact that Medicare provides a whole lot of coverage, but it doesn’t cover everything.

So, for many, it may be worth considering buying a separate policy to provide coverage for the services that Medicare doesn’t cover.

You buy a Medigap policy from a private insurance company. You can also use your Medigap policy to cover expenses you have under Medicare, such as annual co-pays and deductibles.

Many retirees should consider MEDIGAP insurance…available, generally, only when you turn 65 years of age.

Purchasing Variable annuities

Many investors are looking for a steady flow of steady and reliable income in retirement. No wonder we are seeing so many ads for variable annuities these days. But, please listen carefully before you invest a penny in a variable annuity.

We know that the pitch sounds appealing—you invest through mutual funds, have a contract to receive continual payments on your investment and your earnings are often get tax-deferred. BUT, annuities are full of fees, your earnings are taxed as ordinary income when you take distributions and the returns rarely live up to the hype.

There are smarter ways to invest your hard-earned money…keep reading DOLANS DIRECT…more on this later in subsequent columns.

Taking too much risk

We’re hearing from too many people who feel as if they need to take some investment risks in an attempt to “catch up” after all the losses they have suffered over the past few years.

Maybe their retirement plan contained TOO much of their company stock…ENRON, GM !!

Now…they are looking for the next HOT stock such as Facebook of TWITTER…sorry !!

DON’T DO IT!

We know that you’re concerned (as well you should be) about trying to rebuild your savings. It’s only natural to feel the pressure to make up for past investing mistakes.

But now is NOT the time to be too aggressive in your retirement planning.

Just stay calm and realize that catching up will take time.

With the stock market at historically high levels…this is still a risky time for investors and the last thing you can afford is to lose the savings that you have left.

Next on DOLAN$ DIRECT – –

 

Part 2…10 Retirement Mistakes to Avoid at ALL costs !! (#4 – #7)

 

Coming soon:

Whether you are 20 or 120…here are 10 easy ways to save $1000.

What topics would you like to see covered here on DOLAN$ DIRECT ?

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