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Derailing The Plan: How Retirees Shoot Themselves In The Foot

Sep. 09, 2016 8:00 AM ETARCC, LUMN, ED, EPR, GEO, GOV-OLD, MAIN, MO, O, OHI, RAI, RMR, SO, STON, SUI, T, VGR, VZ, WPC103 Comments
George Schneider profile picture
George Schneider
23.34K Followers

Summary

  • The best laid plans of mice and men often go astray, including retirement plans.
  • Procrastinating saving could be a deal breaker.
  • Putting your child’s interest before your own is a no, no.
  • Avoiding the stock market, avoiding a comfortable retirement.
  • We’ll look at some possible solutions to these and other dilemmas.

Derailing Your Retirement Plan

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Baby Boomers. We're not such babies any longer, and 10,000 of us are moving closer to the finish line each day. Yes, hoards of us are turning 65, the traditional retirement age, each and every day.

While most of us were consumed with thoughts of work, commuting and everything else concerning our workaday world, our thoughts now are turning inexorably toward the day of reckoning. Should we retire? If so, when? Should we work part time, either because we need the extra income, or because we'd still like to feel productive?

These are important questions that each of us has to reckon with, at some point or another. The decisions we make can also be fraught with mistakes that could have negative impacts upon our "golden" years and derail our plans. By design, or not, some of our decisions could have the result of shooting ourselves in the foot.

Here are some decisions that could have ever-lasting negative impacts and consequences on our retirements, if we choose wrong.

Savings Procrastination

Millions of folks live in the here and now. They are pre-disposed, many of them, to give in to instant gratification. Life is for the living, and they want those shiny new toys, today, this minute, this second.

This type of mindset, living above their means, spending even more than their take-home pay, ultimately will lead to a retirement that is sorely lacking the funds necessary to make it a comfortable one.

This, it turns out, is the biggest regret expressed by folks over 50. Getting within hailing distance of that finish line, it seems, serves as

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George Schneider profile picture
23.34K Followers
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Analyst’s Disclosure: I am/we are long T, MO, ED, VZ, CTL, MAIN, ARCC, RAI, VGR, EPR, O, SUI, OHI, STON, WPC, GOV, GEO, RMR, SO. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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