When it comes to retirement planning, some people fall victim to prevailing myths that can lead them astray. Financial planners caution about six common myths that get people off on the wrong foot in retirement.
Here are myths you should avoid when creating your retirement financial plan:
- You Won’t Need to Revisit Your Investment Withdrawal Rate
- Medicare Covers All Your Healthcare Costs
- Social Security Won’t Last
- You Can Work As Long as You Like
- You’ll Spend Less and Pay Less in Taxes
- You’ll Remain Where You Are and Won’t Move
As you age, chances are you’ll encounter many variables that might make you rethink your retirement plan. Health concerns might affect your insurance needs and ability to work. You may decide to relocate to get closer to family or find more suitable weather. Because Social Security is such a bedrock government program, politicians are likely to find ways to keep it afloat if the trust fund runs down too far.
Retirement Should be Fulfilling
Having enough money becomes more critical as you age. That’s why Council of Seniors believes so strongly that Congress must pass The SAVE Benefits Act. You need this bill to make up for inadequate annual Social Security cost-of-living adjustments (COLAs) paid out over a series of recent years. If it passes, the $581 that’s been withheld from seniors will be returned.
Sign our petition right away to show Congress how many Americans support this bill and want action now We’d love for you to connect with us on Facebook and Twitter.