Retirement planning myths are common but false perceptions or beliefs that some people may accept as true when they start thinking about and planning their retirement.
Detailed below are seven common retirement myths and the reasons why they aren’t true.
You’re inviting death if you think retirement
Sounds funny? People actually believe in it, and not without a reason. It’s assumed that once you start thinking about retirement and start planning for it, you make yourself ready for death. And this perception is nothing more than what it is: a myth.
Of course, you may be getting old hence the need to start planning for retirement but it doesn’t mean you’ll die once you retire? The exact opposite is true: good retirement planning will ensure that your health needs are covered and diseases and sicknesses that can drag you into the grave won’t dare befriend you. Busted? Let’s move on then.
You need less money
This is another common retirement planning myth that also rings false. Of course, when you retire you may not need to spend as much as you used to when you were in your active years with a family to take care off, but that doesn’t mean you need less money?
When you consider the fact that there may be health needs to take care off in retirement and other large expenses that you may incur, this myth gets debunked. Enough said.
Retirement means not working
Yes, retirement usually means having to leave your day job, but it doesn’t mean you can’t go in for other income earning opportunities or part-time jobs perfect for retirees, right? The only things that can prevent you from working in retirement is when you’re too old and incapacitated.
Don’t be “mythed” into thinking you’ll never find any work or be able to work once you retire.
Others will take care of you
This is another retirement planning myth and a perception that’s not completely accurate. What if your children themselves are finding things tough? Will they be able to come to your aid when you’re retired? They may sympathize with you and help to some extent, but that won’t be enough. Better be in control of your own retirement by not letting this myth influence your retirement planning.
Your government’s pension scheme or social security may also help you a little, but it’s not enough to bank your retirement on.
Enough money equals great retirement
Absolute untruth, nothing more. Of course,you can cover your expenses with money and be able to afford expensive items and health treatments, but money isn’t everything. You can have loads of it but lack contentment. Enough money equals great retirement is a myth. True happiness in retirement lies in having a comfortable place to live after you retire and having around people who can help you stay safe and happy. Loved ones, of course. Money is essential but not a guarantee for retirement happiness.
That’s the final retirement planning myth debunked.