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Monday, April 14, 2014

How To Screw Up Your Retirement

Just read this article by Dennis Miller "Miller's Money Forever"

There are many creative ways to screw up your retirement.          Let me show you how it’s done:

  • Supporting adult children
  • Ignoring your health
  • Not keeping your retirement plan up to date
  • Thinking you can continue working as long as you wish
  • Not increasing your rate of saving
  • Continually taking equity out of your home
  • Retiring with a substantial mortgage
  • Taking out a reverse mortgage at a young age
  • Putting your life’s savings into an annuity
  • Thinking your employer’s retirement plan is all you need.
While I agree with the foregoing, I think he may have missed a few really bad ideas I've noticed lately.  Once you have the time on your hands and a perfectly good retirement
  ahead to screw up, I'd avoid these...
  • Continuing to shop at Amazon daily after your paycheck has been discontinued
  • Deciding to buy that new SMART CAR to save money before they actually perfect it
  • Trying to do your own roofing work with your spouse holding the ladder
  • Buying a boat to relax instead of taking a cruise
  • Moving into the "Rental Unit"  in the back while the kids take over your house
  • Planting a Creative Rock Garden in front of your house to save money on water
  • Taking up Snowboarding after age 65 to spend time with the grandkids
  • Putting a big chunk of your savings into your kid's new MLM business
  • Starting that new Franchise Business you've read so much about 
  • Lending money to relatives as an investment that pays more interest than the banks
Ah well, sometimes these things are more easily done than avoided.  Just don't say I didn't warn you.  

Hope you all have a great April and enjoy your Holidays.  We'll be back to warn you about Mother's Day Dos and Don'ts next month.  

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