Learning Things The Hard Way

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Posted on: 4th Feb 2014

One of the biggest responsibilities for planning a retirement is exactly that � planning. And included in that planning is the creation of a budget to ensure you don't spend more than you can afford.

No matter how well prepared you are for your retirement financially, you still need to live within your means. There are several tips for achieving that task.

Create a Retirement Budget

Once you have retired, it may be easy to feel free of your employment obligations. Sometimes that also includes the feeling that money is no longer a worry or obligation. However, nothing could be further from the truth.

I retired more than 10 years ago and did not do the things that I should have done and now I am paying for my mistakes. That is what prompts me to write this review as a warning to the soon to be retired persons.

At the young age of 59 � you can convert your 401K account to an IRA and have it planted in a big name bank most likely in a Mutual Fund of some sort. Thus far you have done everything right. This is where things started to go south for me. You will be contacted multiple times by the bank (VPs) Investment Advisors with great Opportunities along with invitations to lavish dinners at a ritzy Country Club or City Club for a dog and pony show. I should have turned and ran from this offer but was gullible just as many others are.

The next thing you will get is a strong recommendation to accept a managed fund that would make you lots of profits for only a 1% (of total funds). Ask to see a track record and check with others in the same managed fund. I failed to do this and have been kicking myself ever since. Always look and review your monthly statements, when received as email I find it harder to find time to look at them. When I get statements by mail I take more time and examine them much better. Every statement that I received seemed to be negative. I would call or email my financial advisor and tell him that the elevator is continually going down and I want to get off now and get back on when it is on the way up. But you guessed it, he would always say �you can�t do that because you will miss the ride on the way back up�. Yep another lavish dinner, I yelled and complained until I had the money placed back in cash. Then many months later I was dumb enough to talk to another advisor who called because I was withdrawing funds monthly for living expense and he was worried because I did not have an investment to replace the monthly draws. He advised that he had just learned about an insurance bond that was no load and yielding almost 6% P/M and would cover my draw. Yep I got it again, the cost of the bonds has been deducted along with related charges and my cash keeps decreasing. I will soon tackle this bond event and roll all of my IRA funds to another firm and into a self-directed fund where I can lose my own money and not have anyone to blame. To wrap up this boring report I will leave you with something you must engrave into your brain..

Financial investing advisors will enjoy spending your money and even though you are suffering losses the advisors are putting money into their pockets. If you take this advice you will be happier and much better off financially.

For the last four years I have been working to put a book together researching the various ways and methods available to investors and traders and giving a brief description of the plans and tools. If you would like to see the e-book cover you can find it at my personal web site. http://www.lgmayberry.com (click on investing) I hope to have the e-book completed and posted for sale in a couple of months.

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Learning Things The Hard Way

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