Stan Hinden, a financial writer at The Washington Post is trying to remind us some of the “Don’t Do” for our retirement planning. He is sharing some of his real life experience with us in his great article, called “Don’t do what I did”

ÂÂ

So Without wasting your time, here is some of the main points of his articles:

ÂÂ

What he did wrong:

1. Didn’t think ahead

Comment: I think this is the biggest mistake that most people made in their life…. NEVER THINK OR PLAN FOR RETIREMENT. People only realize when they are around the age of retiring but at that time, it may too late for them to start taking action.ÂÂ

ÂÂ

2. Flew solo

Comment: Stan Hiden wishes that he should consult a financial planner to plan for his future. Yes, sometimes we need helps from others to do things. In certain condition, it is good to consult a financial planner and let him know your retiring target. They will use their professional knowledge and help you.

ÂÂ

3. Tried to outguess the market

Comment: Yes I admit that it is not easy to outguess the market. I think only our God will 100% know what happen to the market. So what can we do? We only can use our knowledge and experience to do this. To gain this kind of knowledge and experience, it is more than reading a book, but instead we need to take action and learn from failure. This is the only way to be a great investor, I think…

ÂÂ

4. May Have Shortchanged his wife

Comment: Stan said that he should left some money for his wife. When he was retired, he had 2 options to choose - take the maximum monthly payment or take lesser and leave part of his pension for his wife. Hmm, really hard to make decision. Finally Stan took the maximum monthly payment. But today he wishes he had chosen the second option and left some money for his wife if anything happen on him.

ÂÂ

5. Didn’t know about “givebacks”

Comment: I think Stan really shared with us his own personal experience in this section. Stan was being charged for working penalty. According to Stan, if you are below full retirement age, getting social security and still working, you will lose $1 for every $2 your earn. If you are going to retire on Social Security, than you must pay attention to Stan’s experience.

ÂÂ

6. Spent too much

Comment: oh, again this problem also happens on Stan. I think almost everyone of us will have this kind of financial problem - spending too much. Anyway, we know that the wiser we spend our money and lesser depend on our credit card or loans, we will have a brighter financial future.

ÂÂ

I extract some of the point from Stan’s article and give a little personal comment. Please forgive me if I said something wrong. But anyway, please read the full articles of Stan by clicking here, it really worth reading.

ÂÂ

Source : “Don’t do what I did” By Stan Hinden

Related posts:

1. Retire Rich - Factors that you must consider for retirement. Today I’m going to share with you what is the...
2. Retire Rich - Why retire rich? Walter Updegrave from CNNMoney.com wrote an article that discuss the...
3. Retire Rich - 7 factors that affect how you going to retire Part 1 Do you ever think about how you going to retire?...
4. Retire Rich - Retire Math & Calculation, When you want to retire? Do you have any plan...
5. Retire Rich - 7 factors that affect how you going to retire Part 2 Do you ever think about how you going to retire?...
6. Retire Rich – 16 Unique Skills To Be Millionaire! Part 4 I want to share with you some of the unique...