Is your retirement plan in danger?

The housing crash of 2007 followed by the 2008-2009 stock market crash depleted many retirement accounts of Baby Boomers and other individuals who were planning on making an exit from the workforce. As a result, many of these folks had to keep working just so that they would be able to sustain themselves during retirement. While no one could have the known the extent to which these market events could have affected a retiree's nest egg. 

Being a good investor means learning from past mistakes. In an interview with FOX Business, certified wealth strategist Curt Whipple said that soon-to-be retirees should be on the lookout for the following signs that their retirement plan may be in in danger: 

  • You don't fully trust your financial advisor and you don't have anyone else in your life who is knowledgeable about retirement planning or investing
  • You have more than 60 percent of your investments tied to Wall Street. Such high-risk investing could put your nest egg in the same danger that many retirees were in during the financial crisis.
  • You worry too much about your investments. Instead of spending so much time thinking, it may be a better idea to ask for help
  • You buy stocks based on fads and "hot tips" that you may have received from friends or colleagues
  • Your financial advisor has not contacted you in over six months. Trusted professionals in this industry tend to be in contact with their clients every quarter. 

With such an unstable economy of late  it almost seems crazy that some people would bet all their money on the stock market or get all of their advice from an inattentive financial planner. Maybe the key to wealth preservation is alternative retirement planning techniques.