Saturday, September 7

Enjoy your retirement 5 ways really messed up

Enjoy your retirement 5 ways really messed up
| By Brett Arends, the Wall Street Journal

Financial advisor call a long list of major errors that make new retirees once they hang up their tools or make their BlackBerrys.

Tomorrow, 10,000 Americans will withdraw as every day. And many of them will screw it up.

Financial advisor call a long list of major errors that make new retirees once they hang up their tools or make their BlackBerrys.

Most are preventable, often quite simple.

Many people rush to collect benefits as soon as she shall be entitled, at the age of 62. But it's a hassle. By it she be early less each month-much less collect. Those who can to age 70 delayed increase their controls of less than 70%.

Those who usually early to take social security make a simplified calculation: "I can earn less each month, but I gather it longer so that it somehow works in the long term," think so.

But he has poor, think. Robert Radhouane Chandran, a financial adviser in Chicago, notes that those who delay more collected unless they also have age 80 to 82 lives. Many are under the present new pensioners.

Moreover, those are to be able to meet the social security something very wertvolles-- abandon longevity insurance.

Many people risk today live in the 90s or even later. The years real financial danger for those who do will be later, if much savings were used up and treatment costs are skyrocketing.

A larger social security check could be a real help if you far beyond your life expectancy life.

Say that this money is too early the most common failure of social security, but it is not the only Adviser. Sometimes married couples more benefits by structuring, when and how each spouse claims can achieve, they say. Their ability to investigate before you submit must take the planning, social security.

New retirees are suddenly they have get time for these projects it on not around when working notes Bryan Wisda, consultant in carefree, Ariz., and that, he adds, can a real problem.

He sees people suddenly blowing $50,000 on conversion or other projects. The problem: the retirement portfolio may have to last for decades. Remove the first dollar are the most expensive because you forgo all future returns on the dollar.

The same argument applies to those who suddenly splurge on a boat, a new car or a bigger house, what they've always wanted. Marc Roland, a financial planner in San Diego, observed a trend among the new retirees trade to "dream home" when they retire.

Often you can not afford, he says. Insert "way too much in an asset that does not help pay for retirement."

John Sestina, a financial consultant in Columbus, Ohio, advises customers to bigger ticket purchases, how their cars to replace if they still work and be better positioned, can use the additional handle costs.

It is not only the more expensive measures, you will burn. "Michele Clark, a financial planner in Chesterfield, MO, says that some of their new clients are the recent retirees"who called me and said,' help, we bleed money. " "

They thought they could afford to retire, she says, but "they are amazed how fast they perish your checking account balance to see."

They no longer have a steady paycheck - and now they have a lot of free time on their hands, where they can spend money.

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