#123 - My thoughts on 12 common financial and retirement planning rules of thumb

You should always contribute at least enough to your employer plan (like a 401(k)) to get the full employer match

You shouldn't help your kids pay for college if it means shorting your own financial security in retirement

You need at least $X million (where $X can be whatever amount someone wants to say) of savings to retire

In retirement, expect to need 80% of whatever your pre-retirement income was each year

The 4% "rule" is a good tool for determining how much of a portfolio someone can distribution each year in retirement

Your target stock allocation percentage should be 100 minus your age

You should pay off your mortgage before retiring

The rule of 72 is a good tool to tell how long it will take to double your investment

You should have an emergency fund of cash equal to three to six months of expenses

Permanent life insurance should be avoided; only use term life insurance

The owner of a large investment advisory firm says, "I hate annuities and you should too"

That same person also says of his firm, "we do better when you do better"