Retirement planning myth articles might not be at the top
of your fun reading list but it will take you less than
three minutes to read this one and it could save you a lot
of financial pain later. Retirement planning is something
you want to get started on right now, whether you are 21 or
71. It's never too early and never too late. Here are a few
myths to bust to get you started.
Six Retirement Planning Myths
Myth #1. When I retire I won't need as much to live on.
Hogwash! How do you know what the cost of living is going
to be? Sure the kids are off on their own and the house
might be paid off but medical bills and cost of living are
unpredictable. You should be able to live on less but why
would you want to?
Myth #2. I'm a young pup and retirement is far, far away!
Get real dude, time flies when you're having fun and
burning mun. It's a lot easier to save a $30 a week at 35
than it is to save $240 a week at 55! That's about what
it's going to take to have $200k in the old nest egg at 65.
So, you can do it the easy way or the hard way. You decide
oh youthful one!
Myth #3. My adorable children will take care of me.
Whoa! Haven't you been watching TV? Your kids are more
likely to move back in with you than they are to take care
of you! Didn't you teach your kids about personal
responsibility and independence? Keep your kids in your
life but keep them out of your retirement planning.
Myth #4. Social security will save the day!
Yeah, that will be the day when pigs fly. Uncle Sam hasn't
figured out if there will even be any social security in
another decade or two. Counting on the government for a big
part of your retirement income makes for a weak retirement
strategy. You are better off counting on your own
discipline and resourcefulness. You can start drawing
social security at 62 but depending on your age, you might
be better off to consider that as a bonus than a sure thing.
Myth #5. I don't have enough money to save or invest for
retirement.
That might be true but then... maybe not. Take a hard look
at where your money is going. Have you maximized your
contributions to your 401(k) or other employer-sponsored
retirement plans? Have you considered leveraging your home
equity or other under-performing assets into safe and
secure investments? Have you scrutinized your spending
habits? Do you really need that satellite dish and 500
channels of mind numbing video? Do you really need the
newest and shiniest shoes and chicest Chevy's? Even if you
can only save a small amount each week, start now. Make it
automatic and consistent. You might never feel like it's
enough but that is no reason to not to start.
Myth #6. I can't afford a financial planner.
Many financial planners are compensated by the companies
they represent and therefore charge nothing to you unless
you do business with them. Others are fee based and charge
for their time. Find someone you trust and get references.
Take your time, go slow and do a little homework.
Retirement planning is all about the future but it needs to
start today.
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For safe and secure ways to fund your retirement plan and
earn 7%, 8%, 9% or more at fixed rates, visit
http://www.GuaranteeMyMoney.com or call the retirement and
estate tax planning specialists at the Prentiss Group. Call
888-777-3805 Mon-Fri 9am-5pm Pacific. Steve Dahl is a
freelance writer and marketing consultant in Carlsbad, Ca.
He can be reached through the website or blog
http://www.GuaranteeYourMoney.com .
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