Deadly sin of retirement planning: Pride
You don't admit you need help when retirement planning becomes more complicated than you originally thought.
Men are apt to be worse than women in this regard, experts say.
"All too often, men won't admit to others where they lost money," says Timothy F. McCarthy, former president of Charles Schwab and Co. and the Fidelity Investment Advisor Group. "Women, however, are more likely to discuss their investment failures as well as successes. They don't define themselves by how much investment acumen they have."
The clear danger to going it alone: Emotions that arise may easily lead to irrational decisions. A professional such as a Certified Financial Planner can help with your individual retirement plan.
"Someone not doing this full time will be less likely to spot trouble," says Larry Luxenberg, managing partner and chief investment officer of Lexington Avenue Capital Management in New City, N.Y. Good examples of trouble spots, he says, are asset allocation and portfolio diversification.
"When an amateur gets these wrong," says Luxenberg, "it could spell the difference between a comfortable retirement and a much delayed one -- or worse."
So swallow your pride when it comes to building a long-term portfolio, and get help if you know deep inside that you need it.