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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