Retirees share their planning successes, failures

One of financial planner Mari Adam’s most popular online columns this year was about what Consumer Reports National Research Center found when it asked more than 20,000 readers what they did right and wrong in preparing for retirement.

What readers said they did right

• “Lived modestly and did not spend beyond my means.”

• “Maximized my 401(k) contributions while working.”

• “Started planning at an early age.”

What readers said they did wrong

• “Underestimating expenses”

• “Investing too conservatively”

• “Not diversifying enough”

“We’ve observed that our clients who are most successful in retirement plan ahead, seek help when needed, are mindful of their resources and spending, and approach the future with a spirit of flexibility and optimism,” wrote Adam, of Boca Raton, Fla. “Baby boomers may spend almost as much time not working in retirement as they did working to prepare for retirement. Small wonder, then, that a successful retirement requires a fair amount of planning and skill.”