Avoid These Retirement Killers at All Costs
It’s no secret that retiring is a daunting goal…
Most folks squirrel away what they can and hope it’ll be enough once it’s time.
But without a solid plan in place, it’s easy to fall into one of these retirement-killing mistakes that could cost you thousands of dollars — or YEARS of your retirement savings.
But once you know what you’re up against, you’ll be better equipped to reach your retirement goals!
Let’s get started.
Retirement Savings Killer #1: Conflicts of Interest
Folks who rely on the mainstream financial media for their research are oftentimes presented with BIASED information.
This manifests itself in a lot of different ways, like…
When a person or company could benefit from the actions they take in their official work.
Do you think an analyst could REALLY be unbiased when reporting on a company that pays them $10 million to run commercials for their show?
You’ll see another conflict of interest on the TV time and time again too…
The talking heads will scream, “Buy, buy, buy!” even when stocks are at their most expensive.
They’ll talk about “money sitting on the sidelines” that could boost stocks even further.
And the viewers at home will be convinced to buy at the top. Well, guess who you’re likely buying from at all-time highs?
The folks in the know, who are looking to cash out before the market drops.
This isn’t just me talking from experience, either.
Conflicts of interest like these can range from slightly concerning… to completely illegal and scammy.
But it’s still not the only way mainstream financial media can mislead you on investments…
Retirement Killer #2: Incomplete Information
Mainstream media hardly ever tell the whole story… but you’ll still see regular investors suckered into a bad trade by good news.
When journalists report on catalysts, it can indeed send the stock soaring. But eventually the stock corrects itself, and you can be left holding the bag.
Then media sometimes completely ignore the stories that could make you the most money!
I recommend you look for INDEPENDENT publishers like mine: Seven Figure Publishing.
The cold fact about the markets is this — sometimes they come down.
During a recession, folks can lose as much as 57% of their wealth — as happened in 2007.
Talk about a killing blow to your retirement plans!
That’s why sometimes investors can suffer from being too passive about their nest egg:
- When they ignore telltale warning signs that it may be time to cash out of certain positions…
- When they don’t hold enough recession-proof assets to get them through a pinch…
- Or when they don’t have a solid enough stream of retirement income to get by on during hard times!
But a market crash is just one of the many things that eat up your wealth when you’re retired or preparing to.
Retirement Killer #3: Not Enough Income Streams
It’s been said over and over: Millionaires have an average of seven different sources of income.
Even if you think you might be covered by Social Security or a pension down the line, it’s ALWAYS safer to have more.
Especially when you consider state pension funding is at a historic low and that Social Security is utterly unsustainable, as it stands now.
Inflation can eat at your wealth over time, making it important to earn MORE on your savings than inflation takes away.
Making sure your investments earn income is one of the best ways to beat inflation. Income is generally more reliable than capital gains and taxed at a lower rate.
So what are your options?
Well, you can either work more for more money…
Or you can make your money work for you!
That’s how income investing works: You leverage the wealth you have to provide income over time.
There are tons of avenues for investments to make you an income.
Popular examples are rental properties, bonds, peer-to-peer lending and my specialty — dividends.
Dividends are my favorite way to generate income because they’re usually a good sign of a company with a strong foundation.
Reliable dividend-paying companies might not be your ticket to fast riches, but they make for an excellent place to store your money and get paid for doing so.
Especially when dividends can pay MUCH more than the interest you gain for storing your money in a bank:
That’s why I love dividends.
We’re facing an unprecedented opportunity for select dividend-paying stocks. After recent tax cuts, dividends could increase as profitable companies pass the savings on to their shareholders.
Retirement killers, solved!
Here’s to growing your wealth,
Chief Income Expert, Mike Burnick’s Wealth Watch