I’m going to see my financial planner tomorrow for my annual planning meeting. With the downturn in the stock market, my retirement investments haven’t been performing well in the past few months. It should be an interesting meeting as I figure out, with my financial planner, what to do.
Suze Orman said on CNN’s Larry King Live Sunday Jan. 27 that people concerned about their investments during these uneasy financial times should leave their investments where they are if they are in good stocks, mutual funds, or exchange traded funds. However, for those about to retire in five months to a year, they shouldn’t have been in the market to begin with, she added.
Orman suggests people pay off their credit card debts. She said the average American has credit card debts of $9,000 and pays 18 percent interest. Getting rid of that debt is a great “investment.”
However, Consumer Reports magazine recommends in “12 Money Mistakes That Can Cost You $1,000,000,” an article in its February 2008 issue, that retirees shouldn’t overlook some cautious investments in stocks during retirement.
I’ve found it helpful to have a financial planner to assist me with retirement planning. But you should be careful when select one.
For information on how to select a financial planner, see these tips on the Better Business Bureau Web site. For a list of certified financial planners in your area, see the Certified Financial Planner Board of Standards Web site.