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Contributed by mm | January 31, 2007 4:54 AM PST
This article is a must-read for those who are new to the 401(k) game -- any of the five mistakes can cost you dearly.
From MoneyCentral:
The average American commits five big blunders in planning for retirement, and their cumulative effect can turn potential millionaires into permanent paupers. It doesn't take an act of Congress to correct them. It takes the kind of sensible planning you already do to buy a car or, in Peter Lynch's famous example, a refrigerator. That famed stock picker said investors pay less attention to their portfolios than their appliances.
The five big mistakes are failing to save hard enough; neglecting to maximize returns while controlling risk; relying too heavily on the stock of their employers; fumbling rollovers; and scalping themselves with heedless borrowing from their own nest egg.
Compounded over a lifetime, the smallest mistakes can have life-changing results. Ignoring expenses can clip 10% right off the top. I'll show you one example where a thoughtful choice involving just a few thousand dollars in your 20s can buy you a second home in the sun when your old bones need it most.
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When Should You Get Rid of Financial Documents? (February 7, 2007)
Here is a handy reference of when you can shred your financial documents. I'm not sure why one has to keep tax returns for 7 years, though. Isn't it said that IRS cannot bother you for returns that are three years old?
How To Survive On $12,000 A Year (And Still Save) (February 5, 2007)
I do admire the author who intends to live on $12,000 a year. Our household probably cannot survive for four times the amount -- I know we have some fat that can be cut in our cost structure, but as long as we can grow ...
Online Banks Beef Up Security (January 2, 2007)
WSJ reported that banks are required to follow new federal online-security guidelines by December 31 of 2007. No wonder I'm finding out new ways literally everyday that makes online logon harder. More recent examples: 1) Eloan online savings bank requires verification of a pre-determined image ...
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