Are your retirement preparation efforts doomed to fail?

Are your retirement preparation efforts doomed to fail?
There's much to be concerned about: traditional pensions
are disappearing and Social Security is on the road to
bankruptcy. Yet some of the most significant threats to
your nest egg aren't the ones getting the headlines.

Setbacks like losing your job and life-threatening medical
conditions are surprisingly common in later life.

A recent Boston College study has found that the results
can be particularly devastating for those nearing
retirement. The college's Center for Retirement Research
studied people in their 50s and 60s and found that: - About
1 in 5 lost their jobs during a 10-year study period from
1992 to 2002. Among married couples, nearly one in three
experienced job loss. - Forty-one percent of those studied
were diagnosed with a major medical condition such as heart
problems, diabetes or cancer. - Thirty-four percent
experienced health-related limitations on their ability to
work. - Eight percent were widowed, 7% experienced a severe
disability and 4% divorced.

Overall, the study found 6 out of 10 people in their 50s
and 60s experienced some kind of serious negative shock
that threatened their financial security.

How to protect yourself:

These are scary statistics, but they convey an important
truth about retirement planning: you can't assume
everything will go right.

Here's how to put that knowledge to work:

Don't put off saving for retirement.

The more money you have piled up by your 50s, the better
you'll be able to survive whatever surprises life throws
your way. People who put off retirement to save for other
goals, or simply spend more, are missing out on critical
time that can help them growth their wealth. But they're
also leaving themselves vulnerable to the setbacks
described above that could prevent them from accumulating
needed wealth.

Take advantage of any workplace retirement plans or, if you
don't have access to any, start setting aside money on your
own.

Get covered.

Health and disability insurance can help insulate you from
the financial fallout of illness or accident. If you can't
get this coverage through an employer, consider buying
individual policies. If you find yourself without health
insurance, read "A survival guide for the uninsured" for
tips on how to protect your well-being.

Live a healthy lifestyle daily.

We can't make ourselves immune from disease, but we can
better our odds for a long, healthy life by eating right,
exercising, getting regular checkups and finding
appropriate ways to deal with stress.

Continuously update your job skills and contacts.

Keep yourself marketable by taking on new responsibilities
or learning new skills through courses or seminars. Look to
start multiple sources of monthly income through prudent
investing that are independent of your employer.

Don't Rely On Others To Manage Your Money.

Learning the basics of investing can increase your rate of
return and prevent you from working with financial advisors
who may have interests that conflict with what's best for
you.

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Paul McBride specializes in creating extra monthly cash
flow through part-time and full time home businesses and
teaching customers how to manage their own financial
investments.
Free information available at
http://www.jpwealthintelligence.com/?t=ar8