"The biggest challenge will be to resist the temptation to take risks by concentrating the portfolio -- attempting to pick winners, or to time the market," he says.
This line above I thought was the best part of the article which I only scanned. The rest of the article is a little silly on the solution side - the comments below the article are humorous. Enjoy!
Slide slide slippety slide 5x5
Food for thought for those in this situation: How to make a million after age 70 By Chris Kissell • Bankrate
excerpts below search the web for the full article using above title and author:
Just about all of us imagine the thrill of getting rich someday. There is an almost universal appeal to the notion of having enough money to sit on a beach and sip tropical drinks, or to travel the world while leisurely crossing items on your "bucket list." Unfortunately, some of us dream a little too long. Then, we wake up one day to find we are 70, wondering where all that time -- and money -- has gone.
If you are entering your 70s and have scant savings, you probably have packed up fantasies of great wealth. But is the dream really over? Andy Tilp, founder of Trillium Valley Financial Planning in Sherwood, Ore., says it is still possible to get rich late in life, "but not without a lot of work and sacrifice of time." Following are a few ideas for how to make a million after age 70.:
In your 20s, you can invest dribs and drabs in the stock market and -- through the wonders of compounding -- become a millionaire by the time you retire. Unfortunately, that magic trick no longer works once you turn 70. "The biggest challenge a 70-year-old has in getting rich is, obviously, time," Tilp says. "The younger you start, the easier it is."
To become rich after 70, you'll need to invest a lot of money every month, and pray for good returns. James Twining, founder of Financial Plan in Bellingham, Wash., has run the numbers. He figures a 70-year-old starting with nothing would need to invest $2,393 a month at an annually compounded rate of 10 percent per year to earn a cool $1 million by age 85.
"The equity markets have indeed returned an average of 10 percent per year since 1926," he says. "So, it is not unreasonable." Older investors wishing to get rich sooner may be tempted to gamble on high-stakes stock picks. But such a strategy actually decreases the odds of success, More...
Bareft, the best tip I can give is buy or sell relative to the business or boom bust cycle - watch the Fed and yield curve when it inverts baton down the hatches. Buy when there is fear and sell the greed. Sounds like you are doing just fine.
Tepper had it right go with the Fed. don't fight them you will always lose. I personally bought all the way down lightly during 2008 financial crisis then bought the bottom heavy in 2009 been holding and buying on panic headlines and concerns. My problem is I am overweight in stocks. Good problem to have till the music stops.
cnbc knuckleheadsperts saying to buy down around 36 - I guess I agree if it gets down there.
two or maybe 1 moron posting that which he knows nothing about - who was that idiot who would troll here talking about betting gambling and vegas trips - I think I called him cashless - anyway makeovr and toho stick it in your ear. You can't count high enough to keep up with me.