Planning for retirement is hard enough. Don’t make it harder with poor financial decisions. Here are three that could haunt you forever in retirement.
First, resist the urge to put your children ahead of your retirement savings. Yes, you want the best for your kids. But if you’re devoting all of your money to private schools instead of your IRAs and 401(k)s, you may find yourself broke when retirement rolls around.
Second, embrace the stock market -- even if its ups and downs scare the stuffing out of you. Since 1926, stocks have returned about 10% a year, on average. Bonds and CDs don’t come close. Gradually reduce your stock holdings as you move deeper into retirement.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Third, don’t kid yourself that you can work forever. You might get sick or you might get downsized. Who knows? If you’re counting on a steady paycheck when you’re 65, 70 or even 75, you’re counting on income that may never materialize.
Take a look at seven more retirement decisions you could wind up regretting forever.
-
What Wall Street's CEOs Are Saying About Trump's TariffsWe're in the thick of earnings season and corporate America has plenty to say about the Trump administration's trade policy.
-
The Role of the U.S. Dollar in Retirement: Is It Secure?Protect your retirement from de-dollarization, because “capital always goes where it is treated best."
-
Should You Rent in Retirement?Making Your Money Last Renting isn't right for all retirees, but it does offer flexibility and it frees up cash.
-
How to Achieve Your 2022 New Year's ResolutionsBrandon Copeland You've already made your New Year's resolutions. Atlanta Falcons linebacker and Kiplinger contributing editor Brandon Copeland explains how you can stick with them and accomplish them.
-
Santa's End-of-the-Year Finance TipsFeature Atlanta Falcons linebacker and Kiplinger contributing editor Brandon Copeland shares a few ways you can improve your finances before 2022 gets here.
-
Where to Retire in FloridaFeature Some cities in the Sunshine State are better suited for retirees than others.
-
3 Better Investments Than Powerball
Feature Buying Powerball and Mega Millions tickets is no substitute for sound financial planning.
-
Best Bank Accounts for Retirement
Feature These checking accounts offer attractive perks to retirees.
-
10 Timeless Financial Tips From Knight Kiplinger
Feature Sage advice about saving, spending and investing never goes out of style.
-
4 Overlooked Tax Breaks for Retirees
Feature Learn how to keep your tax bill low in retirement.
