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Saving for retirement takes careful planning, from getting started, to making it last for many years.
These retirees reached the finish line, but they made and saw some mistakes along the way, from ignoring their savings for years to watching their friends' risky investment portfolios get wiped out.
Retirement - Sailing
Saving for retirement isn't always smooth sailing.
In Business Insider's Real Retirement series, retirees share their best advice on retirement, what worked for them, and sometimes, what didn't work for them.
Portfolios - Stock - Market - Retirees - Share
From keeping their portfolios invested too heavily in the stock market, to simply starting too late, these three retirees share the mistakes they've made and seen that could have affected their retirement.
Dirk Cotton, a former AOL employee, retired between the dot-com bubble burst and the start of the Great Recession.
Portfolio - Stock - Market - Risk - Amounts
Keeping a portfolio that's entirely invested in the stock market runs the risk of losing significant amounts of money, which can be a problem if you don't have the time to recoup those losses. Cotton says he saw a great deal of people facing trouble with this when the stock market tanked in 2008.
"A lot of people had 100% percent equities when they were saving for retirement, and lost over 50% in a very short period of time," he said.
People - Planner - Balance - Portfolio - Planner
He advises that people work with a financial planner to figure out the right balance for their portfolio. "Find a good financial planner or retirement planner," he said, "and begin to taper off your equity allocation, aiming towards 40% or 50% when you retire."
David Fisher, who retired at 65, didn't think much about retirement when he was younger. "I got a late start. From 33 to 43, those quarterly statements I got from a TIAA, I threw them away," Fisher told Business Insider.
Employer - Money - Retirement
Luckily, his employer was putting money into his retirement...
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