Some of the conventional wisdom about planning for retirement needs to be re-examined. As elderly life expectancy continues to increase, we'll have to rethink what the ideal retirement age is and how big of a nest egg we need to accumulate to pay for a comfortable retirement. Here are four common retirement myths:
You can pick your retirement date
It's certainly prudent to estimate when you would like to retire and save and plan for that goal. But retirement often occurs while you are making other plans.
Social Security won't be around when you retire
The Social Security trust fund currently holds enough assets to pay out promised Social Security benefits until 2037, according to the most recent Social Security Board of Trustees report.
You're too old to start saving
Large portions of 50-somethings have practically nothing saved for retirement. But it's not too late to tuck away some serious cash.
Retirement is permanent
Many people think retirement means a permanent and abrupt exit from the workforce. But older workers are increasingly cutting back to part time, finding consulting work, or otherwise gradually transitioning into retirement.
We all have different needs and aspirations in our retirement. You might decide you want to work part-time; you will want to maintain your lifestyle (such as maintaining your hobbies), whatever you want to do, it will cost money. The benefit of using our service is that you will know the cost of meeting your objectives and just as importantly, what external influences may impact upon your plans and how you can protect yourself against them so that you will be more likely to achieve your objectives and on time.
Life Assure Online is based in Taunton, Somerset where an experienced team of brokers for many of the UK’s leading life assurance, pension, annuity and investment companies offer you an online service for all your financial needs.
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The only time we pass your information on is to a life company as part of an application or an enquiry before an application.
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