Retirement-killing money mistakes
Playing the market
Older women may be susceptible to the siren song of slots, but men, particularly retired white-collar professionals such as doctors and lawyers, tend to be the ones lured into foolish stock market trading. This isn’t a matter of simply not getting the best return on their investments or having a wrong mix of stocks and bonds in a portfolio. Rather, they believe they’ve found the Next Big Thing about ready to explode. “I’ve seen losses of $100,000 or more,” says Deborah Frazier of Frazier Financial Consultants in Chapel Hill, N.C. And for whatever the reason, “it’s always a professional man; I’ve never seen a woman get involved,” she says. “It’s someone who should know better.” Typically, the wife or some other family member shows up desperate after the husband has blown through their savings. The fallacy is believing that you can be the next Warren Buffett just because you’ve had a successful career elsewhere.