One-in-four people overestimate their retirement knowledge. How much do you know?

2015-05-20T16:42:40-04:00

http://www.washingtonpost.com/news/get-there/wp/2015/05/20/the-case-for-being-overconfident-about-your-retirement-savings/?tid=hpModule_79c38dfc-8691-11e2-9d71-f0feafdd1394&hpid=z15

People who don't trust their instincts risk being too conservative with their cash.

Response by CAPT Kevin B. made May 20 at 2015 4:45 PM

2015-05-20T16:45:22-04:00

Enough to know to get a good financial advisor to help. They will help you set up an investment plan which will meet the goals of your retirement objectives. My experience is if you're military, you need two retirements and a TSP/401 or two fat 401s to make it. Most people start too late. Military can start from day one.

Response by 1SG Private RallyPoint Member made May 20 at 2015 4:50 PM

2015-05-20T16:50:14-04:00

I read the article and took the quiz and got 7/8 and I believe I know enough to be set up for success when I retire.

Response by Capt Private RallyPoint Member made May 20 at 2015 4:57 PM

2015-05-20T16:57:06-04:00

Well, it has been over ten years since I retired. I hope I have it down pretty good

Response by SSG Private RallyPoint Member made May 20 at 2015 5:03 PM

2015-05-20T17:03:20-04:00

Age 50 is soon nearing. Once you turn 50, you're eligible to make "catch-up contributions" to retirement-savings accounts such as 401(k)s and individual retirement accounts, meaning you can contribute more cash annually than younger investors. But get with a financial planner and educate yourself, just don't take your planners word, this is your nest egg, own it.

Response by CPT Jack Durish made May 20 at 2015 5:11 PM

2015-05-20T17:11:07-04:00

I'm one of the few people I knew in Vietnam who didn't keep a Short-Timer's Calendar. R&R and DEROS sneaked up on me. Really. I was surprised when someone said, "Hey, Lieutenant, aren't you supposed to be on a plane tomorrow?"

Retirement was like that.

Financial success didn't come until I reached my mid-50's and I happily paid taxes overjoyed to have a significant income on which to pay them. Then the realization hit me that I should be putting something away for retirement.

To be honest, I didn't have any better luck holding a job than I did in staying in the Army (mostly for the same reason - I'm unmanageable). However, I achieved great success as an independent consultant and thus, had to provide for retirement on my own.

Sadly, the economy tanked and I was slow to adjust to it.

My savings, though significant in a short time, quickly disappeared.

The bottom line is that my wife and I live/survive on Social Security and her inheritance.

In conclusion, let me advise you that man has no nobler cause than to marry for money.

Love was a happy coincidence...

Response by SSgt Private RallyPoint Member made May 20 at 2015 5:10 PM

2015-05-20T17:10:17-04:00

5/8. Apparently I need to get better educated on retirement.

Response by SSG Private RallyPoint Member made May 20 at 2015 5:13 PM

2015-05-20T17:13:10-04:00

I got 7/8, however their last question is wrong... diversification decreases the amount of money you are likely to lose, reducing risk... however it does not decrease the likelihood of you losing money. If are financially exposed in a greater number of areas, you are more likely to take a loss somewhere... it's just that since you have less eggs in any single basket, a loss will have much less impact on your overall savings.

I expect that I will experience three retirements... my first happened at 38 when I retired from the Army, my second will probably happen around 60 when I retire from PM work and start teaching part time. The last will probably be when I'm around 70.

Response by PO1 John Miller made May 20 at 2015 11:56 PM

2015-05-20T23:56:29-04:00

6/8, not bad considering I don't do stocks and bonds.