Common Myths About Saving for Retirement2:28 AM
This post is brought to you by Genworth in collaboration with Brandfluential.
Over the last few months I have discussed important life planning topics with you, including the importance of having and maintaining life insurance, and the importance of saving for your future. However, it wasn't until after my most recent post on retirement planning that I actually decided to delve into what I would need to do to start planning for my own future. When doing some research on the Genworth site, I ran across some common myths surrounding the topic of retirement, and I thought I would share a few with you, as they were pretty insightful.
1. Your most important concern should be the money you need to get by in retirement.
Actually, your most important concern should be how you want to live. Do you want to just settle down in a smaller home, or do you want to see the world and go on more expensive vacations? You should choose the way you want to live in retirement and then start planning how much you should need from there.
2. Believing that your 401k plan and your Social Security will be enough.
Recently, I read an article on US News about "12 Important Retirement Planning Deadlines," that discussed important milestones you should be hitting in your effort to save for your retirement. Just putting a bit away in a 401k every year and relying on Social Security payments could mean that you are left without a way to provide for yourself in retirement.
3. Retirement means you have to disengage from life.
Retiring doesn't mean that you have to withdraw into your home, lose contact with your friends and give up in life. In fact, it can be a first class ticket to doing all of the things you have always wanted to do, but didn't have the time for. It can also allow you more time to become more social in your community and make new friends.
Those are just a few of the common myths that surround the topic of retirement. To see the full list, and get information on how and when to begin planning for your own retirement, you can visit the Genworth site. After all, you don't want to end up like this:
What steps are you taking to make sure you are ready for retirement when the time comes?