Five Retirement Myths Debunked

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Between word of mouth and the internet, it's safe to say that you've probably heard a thing or two about retirement that doesn't exactly line up with the reality that is this time of your life. And, unless you find out the real truth long before it's time to leave the office for good, you could be in for a pretty big surprise when things start working out differently than you had hoped. Since you're here reading this though, you're in good shape - today, we're debunking five of the most common retirement myths.

Myth: There's nothing easier than retirement.
Fact: Yes, your day to day will likely be less stressful during retirement than when you were heading into work, but it's not going to be so easy right away. First and foremost, you'll need to adjust to life where your time is used differently, and of course there's going to be some getting used to where your retirement budget is concerned.

Myth: You have to move during retirement.
Fact: While a lot of people play around with the idea of renting or buying something new once they retire, you certainly don't have to. If you live up north and want to head south to enjoy all that the warm states have to offer, go for it, but don't feel like you have to pack up and sell your home just because your retired friends did or plan to in the future.

Myth: Social Security is all you need to support yourself.
Fact: What you receive from Social Security will absolutely help you cover your monthly and yearly expenses, but don't overlook the fact that your Social Security income may be lower than what you used to receive weekly or bi-weekly from your employer. That said, it's imperative that you have a retirement savings account set up as early on in your career as you can so that you can begin contributing years and years in advance.

Myth: Retirement planning isn't all that important.
Fact: Believing that retirement planning isn't important is one of the biggest mistakes you can make. If you want to be set up to be financial stable later in life, you absolutely must create a retirement plan and stick to it as the years go by. For anyone who just entered the workforce, meeting with a financial planner about retirement should be the first thing on your to-do list. Similarly, if you've been in the workforce for quite some time but have yet to set up a retirement savings account, you too need to meet with a financial planner as soon as possible.

Myth: You have all the say in terms of when you'll retire.
Fact: Although many do have the final say in when they're going to retire, it's important to realize that a lot of people are also forced to retire early or wind up retiring late due to external circumstances. The lesson here? Expect the unexpected and prepare for it, as you never know when life will make your decision for you.

Since myths like these are pretty easy to get caught up in, we encourage you to have a financial advisor that you can trust to answer any questions and set the facts straight. Here at American Investment Planners LLC, our retirement planners can do just that! Our retirement planners can help you develop a strategy that carries you through the retirement phase, and they would also be happy to answer any questions you have about the retirement planning process or retirement itself.

To schedule an appointment with one of our advisors and learn more, please email info@americaninvestmentplanners.com or call (516) 932-5130 today.