Do you want to know the 6 Myths of Retirement?
Of course you do!Number 1: How much to save for retirement ~ “Your retirement plan and withdrawal strategy should be as unique as you are, taking into account your current finances, future income, goals and dreams along with many other considerations.” Number 2: Medicare will cover healthcare needs during retirement ~ Medicare can be a godsend for doctor visits and hospitalization costs. However, it does not cover most long-term care needs such as extended nursing home stays, assisted living and many types of home health care. Keeping health care costs in mind is a vital part of retirement planning. Number 3: I can’t count on Social Security ~ You can’t count on Social Security payments to cover all your retirement needs. However, it can make sense to estimate what your payments will be as part of your overall retirement planning and budget. Consider delaying Social Security payments beyond your full retirement age up until age 70. You may receive significantly larger monthly checks. Number 4: I can work as long as I have to ~ Did you know that half of all early retirements are due to illness or disability? Also, finding good paying jobs later in life can be difficult. The bottom line: it’s probably best not to rely too much on income that you may make during your retirement. Number 5: I’ll spend less and pay less taxes in retirement ~ You may actually be spending more in retirement than you thought. Think about traveling, visiting children and grandchildren as well as pursuing new hobbies and activities. It all takes money! Number 6: Home situation will stay the same ~ Moving is often a major part of retirement. You may decide to move closer to family members. Or, you may need an assisted living situation or an area with more transportation and maintenance services at hand. Make sure you consult with a certified financial planner (CFP) and/or a lawyer with expertise in finance issues for retirement. Avoid the 6 Myths of Retirement.
6 Myths of Retirement – Plan Now!