Retirement Answer Man

Stressed about planning for retirement??? Your not alone, most of use (including me) freak out when we look at what it could take to provide for our family in retirement. Don't believe all the statistics, you can take control.

Investing Corner

Listener Question Wayne Asks

My question is are there hidden risks doing my diversifying on top of diversity that I do not realize, other than my time for managing, and the loss of opportunity of my conservative and explore portfolio $s?

Wayne has multiple portfolios, each with it's own allocation

  • Large aggressive portfolio
  • Small moderately conservative portfolio
  • Explore portfolio (where he invests based on his economic views)

Hidden risks might include:

  • You are 55, and close to the danger zone. A time 5 years before and after retirement when big investing mistakes can have the most impact on your retirement. The retirement danger zone is a time to focus on consistent investment returns.
  • Not having a consistent risk profile of your investments based on what you are trying to accomplish
  • Not having a process for evaluating the value, performance of each bucket. (no bonus points for complicated investments)
  • Chasing returns or safety at the cost of focusing on your lifestyle goals for retirement

Retirment Planning Stress: How to take control

No Wonder We're Stressed:

  • 60% of all works have less than 25k saving for retirement (USA Today)
  • Only 22% of workers have over 100k saved for retirement
  • Only 28% of current retirees have over 100k in savings and investments

4 Strategies for Beating Retirement Planning Stress:

  1. Forgive yourself--We've all made financial mistakes. Stop with the coulda/woulda/shoulda's and own where you are now and focus on the future.
  2. Don’t stick your head in the sand--Don't get discouraged by the statistics about retirement. Regardless of your financial situation, you CAN make progress.
  3. Take control of your financial decisions
  4. Think creatively about your future

Direct download: 28_Retirement_Answer_Man.mp3
Category:general -- posted at: 5:53pm CST