Cheryl and Jim Friedman, retirees in St. Louis, had two-thirds of their retirement money in the stock market in 2008. When the financial crisis struck that fall and stocks lurched up and down with nauseating speed, Cheryl, a former accountant, pulled the money out.
Despite the best of intentions, retirees tend to make the same money mistakes over and over and over again. But eventually you're going to run into trouble if you don't break the pattern of financial neglect. The money simply may not hold up in the long run.