4 Retirement Myths to Be Aware Of
Many people are misled by common myths surrounding the difficulties of preparing for and living in retirement. Planning for retirement is tougher today than it was in years past and living in retirement can be even tougher. Being aware of the below myths will help you prepare for a comfortable retirement:
$1 Million Will Be Enough – With people living longer and the continuing rise in the cost of living, a million bucks isn’t what it used to be. Depending on the lifestyle you want to maintain, $1 million may not go that far.
You’ll Spend Less Money After Your Retire – Often this isn’t the case. Most retirees spend more time traveling and focusing on hobbies and interests they may not have had time to do when they were working. And in the later retirement years, retirees may need that saved money for health issues.
Social Security Will Take Care of You – Social Security was never intended to be a primary source of income for retirees. It should be viewed as a safety net, especially with the issues it’s facing today.
Put All Your Money in Bonds and CDs – Don’t be too aggressive when investing in retirement. The effects inflation can have on bonds and CDs don’t always make them the safest bet.
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