7 ways to blow your retirement savings

So, you've built up your savings and you're looking forward to a comfy retirement. You've still got to work to protect your nest egg.

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VIDEO ON MSN MONEY

290Comments
Jan 23, 2014 8:07PM
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     THIS HAS NOTHING TO DO WITH THIS ARTICLE, BUT I THINK THEY SHOULD DEPORT JUSTIN BIEBER BACK TO CANADA.  NO COUNTRY IN THE WORLD WOULD PUT UP WITH HIM BREAKING THE LAW EVERY DAY.  VOTE ON IT.
Jan 23, 2014 7:59PM
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Fly fishing is not an expensive hobby.  You should only have to buy one or two rods and then the rest is in a fishing permit.  It is a lot cheaper than golf.
Jan 24, 2014 10:25AM
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My retirement got blown away when IBM laid off all their older employees...

58 years old was a little late to start looking for work...?

Their new dress code worked well for them..No Gray Hair...

Jan 24, 2014 6:55AM
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Don't get caught up in a bad Habit,like gambling,overspending,keeping up the Jones.Try to live the best you can on the money you have,and Don't outlive it   Happy Retirement BYE
Jan 24, 2014 11:13AM
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I will live for today. I have seen is many friends who did what ALL the experts tell them just to drop dead the first year after they retired.

 

Enjoy  your life if you can.

Jan 24, 2014 1:46PM
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The more things that you own, the more "things" that will own you.
Jan 24, 2014 2:47PM
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When planning for retirement I have a few simple rules; live within your means, create a budget, stay out of debt, have a rainy day fund, have short-term and long term goals, and develop an investment and retirement strategy.

 

I think these same rules would also work when you retire.  The most important thing you can do to have a comfortable retirement is have a plan.

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supporting adult children who refuse to work or simply can't find work is draining many cannot-afford-to-retire baby boomers......a nightmare actually
Jan 24, 2014 1:19AM
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Have been retired now for 3 years. Worked 2 jobs and collected 2 pensions. We have major expenses paid off. No house or auto payments. One is an '10 Sienna and the other is a SC430 (for fun) I will not collect much SS even though we paid in it for 40 years. I have cancer but my wife can collect mine when she turns 60. Glad now that I worked 2 jobs, wife is taken care of and we can leave a little something to our son (and Grandkids). Have not needed to touch our T Rowe Price account.
Jan 24, 2014 1:24AM
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Ruin your retirement by shooting the guy that won't stop texting in the row ahead of you at the theater.
Jan 24, 2014 11:57AM
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The #1 way to blow your retirement at pretty much any age is get a divorce....Oh and "Paying for long-term care" is something people are forced to do..I would not say that is blowing your retirement.
Jan 24, 2014 5:23PM
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I did all the right things to prepare for retirement.  2 and a half years ago I fell down the stairs and had a stroke.  I can't work now because I have memory problems.  I am living off of my retirement money until I can collect Social Security at 62.  I also bought my home 7 years ago for 240K.  It is now worth about 150K.  I still think it's a great idea to save for retirement but don't overdue it.  Enjoy yourself while you are still healthy.  Now I just sit in front of my home and watch the grass grow. 
Jan 24, 2014 2:27PM
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MOTORHOME!!!!! Going to see The USA and Canada with my wife and dogs!
Jan 23, 2014 10:46PM
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I do agree with the comments regarding what to do and not to do when retired. It is better to live in a smaller more maintenance free residence and in  warm climate if that is what you prefer. I do prefer that and that is why I am going to a warm tropical place in a few months and see if I like it. If I do I will make sure it is affordable and not get tied down with very much material things. It is easier to live I think with limited material things, they just are not important anymore. If you sell a larger home, you do not necessarily have to buy a smaller one either. If you can keep more cash for whatever you want instead of purchasing another home  if you do not tie up money that could be used for other things.
Jan 24, 2014 10:31AM
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THIS MSN HOME PAGE IS BECOMING INSANE WITH TRICK COMMERCIALS. I CAN'T CLICK ON ANYTHING WITHOUT SOME STUPID COMMERCIAL FIRST AND SOME OF THOSE YOU CAN'T BACK OUT OF. THE REALY GOOD NEWS ITEMS, MSN HAS NO OPEN BLOG LIKE THIS ONE. IF THEY DO PUT UP A HOT TOPIC AND PEOPLE START WRITING IN -- THEY REMOVE IT FOR WHAT EVER REASON.  AND - YES! DEPORT BIEBER BACK WERE HE CAME.
Jan 24, 2014 12:25PM
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As for the part about long term care, some seniors are forced into that situation. No one knows when they retire what they are going to need or not need. Also, some people don't live that long after retirement due to a sudden illness and death. Life is a gamble and you have to live every day like it is your last one. These articles MSN churns out are what many people know already and does not apply to everyone.
Jan 29, 2014 8:34AM
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I can understand to try and limit all expenses, but some may not be possible.


The article mentions not to have a mortgage and that sounds great if you can. But what if you rent or still have a lot left on your principle...stop renting or default on your mortgage!? I think it is more advisable to just live within your financial means. If your mortgage payment is less than renting then do the mortgage.


It's really quite simple (barring  the unforeseen) if you have $40,000 a year to live on don't spend $41,000. No matter how you spend your money whether on a house, car, travel, hobbies, etc..

Jan 24, 2014 1:42AM
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He should be prosecuted and punished for "crimes against humanity" - his music!

Jan 24, 2014 6:02PM
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With memory care facilities running about $6K/month, long term care insurance seems like a good idea but you need to purchase it in your 20's.  If you wait until you are in your 50's and thinking about retirement,  the cost of the premiums will be prohibitive.  

Also remember, you don't qualify for MEDICADE until you have drained all your assets (except your house? Not sure about that) down to under $2K.


 

Jan 29, 2014 9:00AM
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Don't try to make your kids look successful by giving them money and buying things for them  That should  be their job.
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