The Best Retirement Planning Advice Ever

Phillip Wasserman retirement planning

My hobby is playing tournament poker. I’m lucky enough to get to play once in a while with a lot of the people you see on television. The nice thing about tournaments is that you can only lose what you paid to enter.

A few months ago, I went very deep in a large tournament. I called a close friend of mine who finished second in the World Series of poker a few years ago. My friend was lucky enough and skilled enough to win almost $6 million at the age of 25. The purpose of my call was to ask him advice for the next day and he had one sentence for me…don’t do anything stupid.

The more I think about this the more I realize this applies to retirement planning. Most people have won the game and they just need to enjoy retirement and not do anything stupid.

What they should really do is guarantee their income and make sure they have extra income if a spouse dies or a pension is lost. They should also make provisions for long-term care expense and home health care. After that they should enjoy their retirement.

They should certainly avoid ridiculous products with very high fees like variable annuities and should always ask whoever they’re dealing with what their fees are.

If retirees want to leave money to their children, they should do it through legacy planning because people are living longer than ever before and retirees might need their money for income while they are in their 80s and 90s.

I do income planning, legacy planning, long-term care, and home health care planning through the use of hybrid insurance products. I don’t sell long-term care coverage but I can show you how to get it through a hybrid insurance product with no medical questions and no extra expense.

Around a year ago, Barron’s published a great article about this and I’m happy to send you the link. Email me or call me and just remember don’t do anything stupid and have a good time!

For more info: or 800-254-9567.

Don’t Let Failure Destroy Your Investment Portfolio

diceIt is very important to realize that your investment portfolio is a dynamic, living thing that needs attention on a regular basis. This includes acquiring new investing skills as well as making sure that you understand the economy that underpins all of your investments.

Overall, the single most dangerous mistake you can make is to live in a world of complacency. When you aren’t looking for ways to grow and develop as an investor you will lose your chances of making money. Perhaps even worse, when you aren’t paying attention to your portfolio, you could lose everything you have because you didn’t act quickly enough to protect your money and assets.

Information is Useless Without Action

Consider a situation where you picked a series of blue stock companies to invest in, and then found a really exciting book that described Formula 1 investing. From there on out, perhaps you also learned about the benefits of indexed stocks vs managed mutual funds.

Even if you become very knowledgeable about how stock investment works, that information will do no good if you don’t apply it. For example, if your portfolio still contains many mutual funds that are taking a loss, you will be well served by converting to indexed stocks.

Never Stop Acquiring Information

When Benjamin Graham essentially pulled the United States out of the Great Depression, hundreds of students, including Warren Buffet sought to improve upon his initial design. Chances are, you already know that Buffet and other investment gurus are constantly on the lookout for new investment strategies.

No matter whether they decide to work with trade signals, options, or some other means to protect their investment, they are in a constant state of acquiring new knowledge.

If You See Value, Act On It With Prudence

It is very important to realize that not all information is useful. For example, if you read a stock investing guide from the 1980‘s, it will say nothing about investing in web based IT. On the other hand, if you miss out on this ever expanding industrial sector, you will be losing out on many chances to make money.

That said, just because you see some valuable advice, it does not make much sense to sacrifice everything and then lose. In the arena of stock investing there is truly a thin line between the power of discernment, excessive complacency, and taking foolish risks.

As you learn more about the art and science of stock investing, you will soon realize that it takes years to become proficient. While you may have a gift for spotting winning stocks, it will truly take time to hone your skills and acquire enough experience to understand how corporations and investor actions impact your ability to make a profit.

If you feel yourself becoming too complacent, start looking for new information and seeing how you can use it. Typically, as long as you are still asking question and moving forward, you have the chance to make money and enjoy more of it during your retirement years.