10 Ways to Ruin Your Retirement

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should of added the catch up program after 50 not very many employees know about this program

c jackson of CA 7:32PM August 04, 2010

I would have your Mother check again with the Social Security Office about benefits for widows. It was my understanding that a widow could collect the husbands Social Security benefits until she was age 65, and then choose to take her own or his which ever is greater.

Diane of CA 6:42PM August 04, 2010

You just never know what will happen. My father passed away at 50 with two kids in private university and a wife who was recently laid off. My mom won't be able to collect his social security until she is 65. She had to take out the 401 k to pay the house and now my plans for graduate school will have to wait so I can help support my mother and brother.

Mireya of CA 5:16PM August 04, 2010

IN RETIREMENT, IT IS IMPORTANT TO KEEP YOUR MONEY SAFE. WE ALL WOULD LIKE TO HAVE MORE MONEY, BUT THE STOCK MARKET SHOULD BE LEFT TO THE YOUNG, WITH TIME ON THEIR SIDE. THE GOLDEN YEARS SHOULD NOT BE WORRYING ABOUT INVESTMENTS. WE NEED SECURITY AND A GUARANTEE OF INCOME, EVEN IF IT IS LESS THAN WE WISHED OR HOPED FOR. I TRULY BELIEVE THAT A LIFETIME IMMEDIATE ANNUITY IS NOT A BAD IDEA, USING ONLY A PORTION OF YOUR RETIREMENT SAVINGS/401K.
I TRULY DON'T LIKE SENIORS INVESTING, UNLESS YOU ARE WELL-OFF AND IT DOESN'T MATTER WHAT HAPPENS. IF YOU HAVE PLENTY OF MONEY, OBVIOUSLY YOU ARE NOT WORRIED ABOUT GETTING BY. IT IS THE REST OF US THAT HAVE TO BE CONSERVATIVE IN OUR GOLDEN YEARS AND NOT BE LURED INTO THE MARKET. WE CAN'T DEAL WITH A FLUCTUATING MARKET. I RATHER HAVE A LITTLE LESS MONEY AND NOT WORRY ABOUT ANYTHING WHILE I AM AT THE POOL TRYING TO RELAX AND ENJOY MYSELF.

JERROLD SPERLING of NY 4:17PM August 04, 2010

While I agree with this article whole-heartedly, the writer doesn't include the purchase and leveraging power of cash value life insurance, such as a good participating whole life insurance from a solid mutual life insurance company. Hedging against inflation, having a consistent savings strategy, taking less risk and protecting against the lost income (and retirement contributions) due to the death of a breadwinner can all be all achieved by implementing strategies focused around the purchase of a whole life insurance policy.
Also- there can be no retirement if an individual become totally disabled during their peak income earning years, and does not have the income to save for retirement.
I agree with the writer that long-term care insurance is critical to protecting saved retirement assets- a long-term care event can devastate retirement savings, and the cost of prolonged long-term care or skilled nursing costs can substantially reduce cash flow in retirement.

Charlie of MI 2:45PM August 04, 2010

gold is the best way to fight inflation. knowing your dollar will never go to zero is nice to know.

levy of CA 11:43AM August 04, 2010

Good advice. Also, in today's market, the more carefully your application is underwritten, the better the company is likely to fare in the long run. A "careful" company will not be either the cheapest or the fastest to issue coverage. The companies that have never had a rate increase are the ones that were less competitively priced years ago - other companies caught up to them by raising rates. So shop carefully and you want a company that is conservative about the risks it accepts and the rates it charges.

Eileen Tell of MA 1:44PM August 03, 2010

Will healthcare reform make people more aware of their long-term care needs? http://www.healthcaretownhall.com/?p=2866

Jeremy Engdahl-Johnson of WA 10:11PM August 02, 2010

Find out which companies offer the best benefits and make the happiest employees:
http://www.cubecheck.com

mike of CA 6:22PM August 02, 2010

Here is some simple advice when considering long-term care insurance.
Buy a policy that meets the federal guidelines, that's called a "tax-qualified policy."
Buy a policy that meets your state's guidelines, that's called a "Partnership-qualified policy.”
Buy a Daily Benefit that is high enough to cover most of the cost of care in your area.
If home care is important to you, make sure the policy allows for all of the Daily Benefit to be used for care at home.
As a general rule, buy a policy that has a "Maximum Lifetime Benefit" that is close to your net worth.
If you’re healthy, you should probably purchase a policy on your own, rather than through your employer.
Lastly, shop around. LTC insurance premiums vary a lot from one company to the next. Your age, health history, and choice of benefits have a big impact in determining the premium. Get quotes from at least 6 of the top companies before choosing your policy.
Scott A. Olson
www.LTCShop.com

Scott A Olson of CA 11:20AM August 02, 2010