Toys "R" Us filed for bankruptcy last week. This was amazing to me. I remember going there 15 years ago and finding the parking lot jam-packed, the lines at the checkout lanes long with people trying to go through with two or more shopping carts full of goodies. It was the place to go to buy supplies for toddlers and gifts for special occasions. In fact, Toys "R" Us and their companion store, Babies "R" Us, were once considered category killers. No one...
"The Dirty Dozen"
Top Retirement Planning Mistakes
Here is a list of what I'd consider the top mistakes people make for their retirement planning:
- Not Having a Plan
- Bad Annuity Decisions – there’s a reason annuities are sold and not bought
- Failing to review investments - being too aggressive or too conservative
- Bad Social Security decisions - this should be just part of your plan, not an entire plan
- Overspending is a game changer - you need a budget
- Bad pension decisions – choose carefully; they cannot be undone
- Not being tax smart - the goal is not to defer taxes but to maximize your lifetime after-tax spending
- Not staying physically active and mentally challenged
- Being house rich and cash poor
- Paying unreasonable investment expenses
- Improper or incomplete estate planning
- Retiring too soon or too late
Most of these mistakes can be fixed or modified if caught soon enough or avoided altogether if you plan in advance. It's tough to go out and get a job to make ends meet when you are 85.