The 7 deadly sins of retirement planning

Retirement » The 7 Deadly Sins Of Retirement Planning

Deadly sin of retirement planning: Sloth
Deadly sin of retirement planning: Sloth © txking/

Sloth represents laziness. And laziness is not a good trait in investing.

Yet procrastination is all too common in retirement planning just as it is in other aspects of life, according to retirement specialists. There's always tomorrow.

"Most investors don't spend enough time on their retirement planning and don't review their options sufficiently enough," says Luxenberg. "They may worry about money, but too often don't take constructive steps."

You have to do your homework in advance, know your options and determine which are best, he says. "When to draw from retirement accounts, how to invest, what investment vehicles to use -- all have tax implications, for example," says Luxenberg. "Proper planning can make huge differences in taxes and returns."

Once you have a plan in place, it's important to stay on top of your investments through your retirement years.

"Stay away from the sin of sloth by continually monitoring your investments," says McCarthy. But that doesn't mean you should increase trading activity by moving quickly from one investment to another.

"Make your adjustments slowly, deliberately, and over time you will keep your risk of investing at a minimum," he says.


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