Is your retirement planning on track?
Saving for retirement should be a big priority particularly with the challenges we are facing today with an increase in life expectancies & rising health care costs, and possible Social Security & Medicare reductions. Studies have shown that, for the most part, retirement planning has generally improved since 2011. However, there is one generation whose retirement preparedness actually went down – Millenials.
There’ll be a drastic difference in retirement for those starting a retirement plan at age 25 as to those who wait until the age of 50.
Financial Finesse has provided a great article citing seven retirement planning myths. The article addresses Millenials specifically but we think they’re important for everyone.
Here are seven myths that could have a damaging effect to a happy retirement:
- Retirement planning is just for older people.
- I don’t have to worry about it since I was automatically enrolled in my retirement plan.
- I need to pay my student loans off first.
- I need to save for more immediate priorities like an emergency fund, a home purchase, or going back to school before saving for retirement.
- Investing is too complicated.
- I only need $500k to retire.
- I’ll never be able to save for retirement.
To view the full article click here.