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Don’t Believe These Retirement Planning Myths
It’s tougher than ever to plan for retirement these days. Whether you’re considering adding on an annuity to your existing retirement plan or just getting started with your retirement planning in Topeka, Income For Life is here to help. With so many things to consider when planning for your retirement, it’s easy to be misled by misinformation and blatant myths. Today we’re going to uncover some of the biggest retirement myths and shed some light on the truth once and for all.
- If you can save up $1 million, it will be enough for your retirement. False! $1 million simply isn’t what it used to be. People are living longer and the cost of living is going up! Having $1 million in retirement savings simply isn’t going to guarantee a successful retirement.
- After you retire, you’ll spend less money. While a lot of people expect to reduce their spending and cut frivolous expenses once they retire, this isn’t the case. Typically, we normally see clients who actually end up spending more money after their initial retirement. You’ll end up traveling more, spending money on new hobbies, and do things you weren’t able to do when you were working.
- If all else fails, Social Security will take care of things. We sometimes see that clients haven’t saved much for retirement because they feel that Social Security will be able to carry them through retirement. Actually, even in the 1930’s when Social Security was originally introduced, it wasn’t ever meant to be a primary source of income during retirement.