investing

The 7 deadly sins of retirement planning

Retirement » The 7 Deadly Sins Of Retirement Planning

Deadly sin of retirement planning: Gluttony
Deadly sin of retirement planning: Gluttony © Wavebreakmedia/Shutterstock.com

Gluttony is a cousin to greed. And being overly greedy in the market tends to lead to investment failures instead of successes.

Rather, it's much better to be goal-oriented, say advisers. "People who have goals often strive to reach them," says Warren. "Just wanting to make more money is not really a goal. That's gluttony."

"If you are goal-oriented, it will affect your investing strategy," he says. "So you may not need to shoot for the moon in terms of investment returns."

Don't let gluttony distract you from those goals.

"If that expensive new car or trip to Europe means bypassing your retirement account contributions or even cashing in your 401(k) or IRA early, it's a sure way to retirement ruin," says Andrew Rafal, partner and co-founder of Strategy Financial Group in Phoenix.

"Be sure to stick to your savings goals and budget for the retirement years," he says.

advertisement

          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

CDs and Investment

How do I repay IRA loan?

Dear Dr. Don, Hello, I read your column about short-term, 60-day loans from an individual retirement account. How do you withdraw funds from an IRA? Can a person redeposit the funds back into the same IRA? Or can the money... Read more

advertisement

Blog

Sheyna Steiner

Investing is a sticky wicket in 401(k)s

Nearly a quarter of workers offered a 401(k) plan in 2013 didn't save any money. Plan sponsors think confusion about saving and investing could be to blame.  ... Read more

Partner Center
advertisement

Connect with us