The Worst Retirement Planning Advice I've Ever Gotten

Retirement planning can be an insanely complex process. Because every individual has his or her own unique circumstances, coming up with a one-size-fits-all rule is extremely difficult.

There are times, however, where some maxims are so obvious that they're worth repeating. One of the most popular of these maxims is: "Save 10%-15% of your income for retirement." It seems obvious that such a move is in everyone's best interest.

But as you'll see in the following video, The Motley Fool's Brian Stoffel will explain how this principle becomes more and more insidious as your career progresses. By taking a different, less common approach, he explains how you can cut years off the time between now and your retirement.

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Read/Post Comments (7) | Recommend This Article (64)

Comments from our Foolish Readers

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  • Report this Comment On June 22, 2014, at 9:44 PM, emailnodata wrote:

    Okay, yeah, I had guessed that was his intent.

    What I did was pay off my mortgage...though not technically the smartest move, then began saving/investing more with my HELOC as a safety net.

    I'm not a competent enough investor to go balls to the wall, so thus the cautious approach of having the home secured first.

  • Report this Comment On June 22, 2014, at 9:52 PM, oldtractor47 wrote:

    I've been retired more than 6 years. I can safely say if you want to retire there are three lessons I use. #1 don't retire owing more than you can payoff in 2 days. #2 don't retire without a hobby or volunteer work to keep you going #3 saving 10% over working years is not enough to live like you dream. Retirement if planned out is wonderful !

  • Report this Comment On June 22, 2014, at 10:20 PM, rocsoe wrote:

    The guy in the photo looks too young to give me retirement advice.

  • Report this Comment On June 23, 2014, at 8:40 AM, bsteaves wrote:

    Go on line and get your statement and estimate your payment at This will help a lot.

    Oh! Bye the way, you can't do this if you live outside the USA. They won't even mail you a statement if you ask nicely on the phone. The IRS and Obama care web sites work overseas, why can't

  • Report this Comment On June 23, 2014, at 8:47 AM, JCashForever wrote:

    I cannot quibble with the advice, but the headline is grossly misleading.

    Editors, you chip away at your credibility with headlines like that.

  • Report this Comment On June 23, 2014, at 1:48 PM, catoismymotor wrote:

    Enough of these videos! Use the darn cue cards to write up an article. I can't spend the time or my data plan on a video . I can read faster than you can jabber.

  • Report this Comment On June 24, 2014, at 11:02 AM, TMFCheesehead wrote:


    I'll take it as a compliment!


    I especially like #2--it's chronically underappreciated.


    Brian Stoffel

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Brian Stoffel

Brian Stoffel has been a Fool since 2008, and a financial journalist for the Motley Fool since 2010. He tends to follow the investment strategies of Fool-founder David Gardner, looking for the most innovative companies driving positive change for the future.

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