Financial Retirement Plans: Figured Out Sooner As Better
May 12, 2008
Are those "golden years" approaching, and if so, have you thought about your financial retirement plans?
Robert Kiyosaki, world-famous author and financial advisor, said before you retire, sell your home and move to greener pastures, you have to balance your books first.
“Retirees are on fixed incomes – let’s say it’s $1,000 a month, last year in 2007. The value of a dollar dropped fifteen percent last year and it was even more this year,” said Kiyosaki. “So that means that your $1,000 a month last year is now only worth $850 and this year it may go down to $600 a month.”
According to Kiyosaki, if you follow a few simple rules, you will really be protecting yourself for the long haul.
“It really becomes important to be able to differentiate good financial advice from bad financial advice. Do you know what's going to work for you and not work for you?” said Kiyosaki. “I think the biggest mistake is ‘Well, I've been with the same financial planner for 20 years,’ and I say, ‘Well are you rich?’ and they say ‘no.’ Well, maybe you should change.”
Consumer Reports recently found out what their retired readers wished they had done differently, so yet-to-be-retired readers could avoid similar mistakes. While 93 percent of their readers were satisfied with how they had prepared themselves, those who had some regrets said they wished they had saved more.
Many New Yorkers expressed the same concerns to NY1.
“Never count on your pension being enough, even a federal pension or a government pension,” said a local.
Those with many years until retirement said they know this has to be a priority.
“Everything keeps on changing, so you have to continue to save, and you have to continue to educate yourself about the best investment instruments to get into,” said another local.
Many others said they wished they had started saving younger, and that's the advice they would give to others.
“It comes around faster than you'd think, so I would try at least an IRA and make sure you are in your pension plan,” said a third local.
"The more financial education you have, the better you'll be able to tell is this advice good for me or bad for me. Does this advisor know what they're talking about or not know what they're talking about,” said Kiyosaki.
- Lindley Pless
May 12, 2008
Financial Retirement Plans: Figured Out Sooner As Better
Lindley Pless Lindley Pless is NY1's Money Matters reporter. She joined the newschannel in the fall of 2006.
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Lindley Pless
NY1 On The Go
NY1 En Espańol