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VIDEO: The Four Misconceptions About Retirement
For years, the team at Income For Life has been helping people figure out how to provide themselves with a retirement income that will meet their needs. When doing so, we encounter four common misconceptions about retirement that we’d love to set straight for you. Here’s what they are:
Misconception 1: Only the wealthy need a retirement strategy. The truth is almost exactly the opposite. While it’s important for everyone to have a strategy for retirement income, the less you make, the more important it is to maximize your savings, investments, and planning.
Misconception 2: Planning For Retirement Now Will Limit My Options. The reality is that financial planning for retirement is all about the unpredictable. Having a plan that you feel confident will cover your needs is important, but there is no way to be certain how long you will live, how many grandchildren you will have, or how your interests and retirement plans may change over time. The best plans will take into account the potential for change and will change with you as you grow.
Misconception 3: All Financial Professionals Are The Same. While many different financial professionals may offer similar products and services, they are not all the same. When choosing a retirement planning advisor, you want to work with someone you know cares and who can point you in the right direction.
Misconception 4: Monthly Saving Will Be Adequate. Saving for retirement is key, and starting early is always to your benefit. However, most Americans won’t be able to subsist on their monthly “tuck-away” for very long once they retire. Talking to a retirement income planning professional now can help make a difference.
When is the last time that you thought about your financial future? Chances are good that in some form or another, you have considered where your savings account is at, how the market is performing, or walked yourself through the case you intend to make for why you deserve a raise.
So let’s amend that question just a little: When is the last time you thought about planning for retirement?
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