Who better to ask for advice about pension planning than those who have already retired? BlackRock asked today's pensioners what their top tips would be to the next generation of savers. The answers they gave, and the insights they provided, could help many younger savers to boost their pension prospects.
We often like to think that taking care of our finances is an incredibly complicated affair. However, when it boils down to it, it's supposed to be simple. In fact, University of Chicago professor Harold Pollack managed to stuff all the important financial advice he knew onto an index card.
1.'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' Source: 1989 Letter to shareholders This is one of Buffett's more famous quotes, and it reflects one of the basic tenets of his investment strategy: He sticks with companies he can fully comprehend, and ones for which the intrinsic value is self-evident, regardless of the current state of their finances.
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Saving for retirement is hard enough, but some common, everyday investment advice can get new investors off to a bad start, or worse, create losses for long-time savers that they'll never make up.
