We have grown up thinking certain things about planning for our retirement, and some of these are just not true. Garrett Gunderson, in his book Killing Sacred Cows, dispels some of these myths.
I also just read a very concise article that made some of the same points, which I’ll summarize here.
Myth #1: You will not need as much income in retirement. But who wants to work hard and save money only to scrimp during retirement? And some costs, notably medical expenses, can go up.
Myth #2: Taxes will be lower in retirement. However, after the current recession and bailout, the government will continue to need more, not less, revenue in the future.
Myth #3: My house can provide retirement savings. With the downturn in housing values, this will no longer work for many people.
Myth #4: I can make larger returns in the stock market. The stock market has lost money in the last decade, and many experts think it could be volatile for years to come.
There are ways to leverage your savings with tax-deferred compounding interest that is guaranteed, and at retirement can provide income for life.
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