10 Myths About Retirement Planning
Well-thought-out retirement plans have become increasingly important in recent years. Why? Because with life expectancies increasing, the vagaries of the stock market, and the erosive effects of inflation and taxes, it’s virtually impossible to determine if you have saved enough for a retirement that could last several decades. A sound retirement plan can mean the ability to fulfill your long cherished dreams of financial security by living a relaxed lifestyle in the community of your choice. For some, it will be traveling, finding new hobbies, or dining out frequently – in other words, harvesting the fruits of wealth with the thought that “money is no problem.” As you go about planning for retirement, you’ll want to make sure you take into account the following 10 myths that could lead you astray.
Myth #1: I’ll Start Saving For Retirement When It’s More Convenient
Myth #2: I Can Live Off My Social Security Payments
Myth #3: Medicare Will Cover My Expenses
Myth #4: It’s Too Late To Save For Retirement
Myth #5: I’ve Saved Enough to Live on Until I’m 85, Which Is My Life Expectancy
Myth #6: I’ll Work During My Retirement Years
Myth #7: All I’ll Need is 70% of My Pre-Retirement Income During Retirement
Myth #8: I’ll Save on Taxes Because I’ll Be in a Lower Tax Bracket
Myth #9: After I Retire, I’ll Protect My Money by Investing Very Conservatively
Myth #10: I Can Plan My Retirement On My Own
Despite the myths about retirement planning, the long term is what you need to focus on when you’re facing a retirement that might last 20, 30 or more years.
Watch our on demand seminar on Retirement Planning and debunk the myths about retirement.
Consider working with a professional retirement planner who is well versed in the intricacies of retirement. Professionals are trained to take into consideration your age, health, financial needs, tolerance for risk, goals, pre- and post-retirement lifestyles, and other factors when developing a comprehensive plan to guide you through your golden years. Once your plan is implemented, a dedicated retirement planner will work with you over the years to help keep your plan on track with your changing needs and the ever shifting economic and financial environment.