Retirement planning can be a difficult and confusing project. Most people understand that they have to save money to retire. Most people also understand that their lifestyle will change, often dramatically, when they retire. But how many truly understand what that all means?

Please check out U.S. News Money’s post “5 Retirement Myths to Avoid” by David Ning. For anyone who isn’t quite sure what planning for retirement really entails, this post is great. You may have even heard these “retirement myths” before. Unfortunately, these myths are not actually true (though they would make retirement planning much easier). And for anyone planning for retirement using any of these myths as a guideline, you may be in surprise when get there (and not a pleasant surprise).

Saving more is always the ideal choice” is our favorite myth. This is one we often see people following. The assumption always seems to be that if you save enough money, retirement will be a breeze, and all the sacrifices you made to save will be worth it. It’s true saving for retirement while you’re working is extremely important, as we have seen how devastating not saving enough can be; however, there is much more to good retirement planning. Have you taken care of your health? Do you have close relationships with family and friends? Have you cultivated hobbies or activities you can spend time doing during your retirement? As with most things in life, while important, money isn’t everything in retirement.

Please check out the rest of the myths. You don’t want to make the mistake of getting too wrapped up in any of these ideas while planning for retirement.

 

  • Disclaimer: The information on this blog is not meant for specific financial advice. The ideas/opinions stated are not suited for everyone, and readers should use their own judgment in applying them in their financial lives.
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