{"id":5664,"date":"2015-04-15T05:38:59","date_gmt":"2015-04-15T12:38:59","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=5664"},"modified":"2015-06-04T13:47:38","modified_gmt":"2015-06-04T20:47:38","slug":"6-retirement-planning-myths","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/6-retirement-planning-myths\/","title":{"rendered":"6 Retirement Planning Myths"},"content":{"rendered":"

Retirement is often thought of as a far off and hard to achieve nirvana, here are a few endearing myths that may throw off your financial planning<\/p>\n

\u00a0\u201cI\u2019ll spend less when I retire\u201d-<\/strong> All the ads showing the perfect retirement show people traveling, golfing, laying on the beach or spending time (aka money) with their grandkids.\u00a0\u00a0 I bet you spend more money on weekends when you aren\u2019t working, compared to days you are in the office.\u00a0\u00a0 Most things you buy now will get more expensive as time goes on.\u00a0\u00a0 In my experience most people will spend similar or potentially even more money in retirement<\/span><\/a><\/span>. This isn\u2019t even taking into account Medical expenses.<\/p>\n

\u201cMy taxes will be lower when I retire\u201d- <\/strong>You may end up in a lower tax bracket.\u00a0 You may also end up with a similar tax bill once everything is said and done.\u00a0 Don\u2019t forget money you pull from an IRA or your 401(K) will be taxable. \u00a0Even part of your Social Security may be taxable.<\/p>\n

\u201cWhat\u2019s the point, I\u2019ll never be able to retire\u201d-<\/strong> It\u2019s obviously easier to plan for retirement the earlier you get started<\/span><\/a><\/span>. However, it\u2019s never too late to improve your retirement plan, and increase your nest egg contributions.\u00a0 If you are 50 or older you can put away up to $23,000 into a 401(K) plan each year.\u00a0 Also the longer you work, the less years of retirement you will have to save for.<\/p>\n

\u201cI can stop investing once I retire\u201d- <\/strong>With many people spending 30+ years in retirement, your investing days are far from over when you end your working days.\u00a0\u00a0 If you quit investing, you can face a great drop in your purchasing power as inflation sets in, or even face running out of money later in life.<\/p>\n

\u201cI\u2019ll help my kids pay for college before I retire\u201d-<\/strong> Always remember that there is no financial aid for retirement.\u00a0 You can help your children, but make sure you aren\u2019t sabotaging yourself in the process.\u00a0\u00a0 While I know student loan debt can be a burden, so is a parent living on their kids couch\u2026.<\/p>\n

\u201cNo one really retires any more\u201d- <\/strong>I\u2019ve been a financial planner for more than a decade and I\u2019ve heard this from quite a few people.\u00a0 \u00a0I know many people who love their jobs, and will continue working as long as they continue to enjoy it.\u00a0 If you don\u2019t want to ever retire, still plan for FINANCIAL INDEPENDENCE- essentially the day that work becomes an option.\u00a0 That way you have the ability to cut back, take the long trips you want, and have the funds to maybe even take your career or business in a new path that further stokes your passions.<\/p>\n

There is no one size fits all calculator<\/span><\/a><\/span>, or formula on when to retire, what you should do to get retired, and how you can stay there.\u00a0 But some of the above myths may back you into a corner, and force you to make choices you don\u2019t want to have to make in retirement. Be smart and work with a trusted financial planner to make sure you get the retirement you want and deserve.<\/p>\n

Securities and advisory services offered through National Planning Corporation (NPC), member FINRA and SIPC, a Registered Investment Advisor. Trilogy and NPC are separate and unrelated entities.<\/em><\/p>\n

To learn more about David Rae, view his Paladin Registry profile<\/a>.<\/strong> <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Retirement is often thought of as a far off and hard to achieve nirvana, here are a few endearing myths that may throw off your financial planning \u00a0\u201cI\u2019ll spend less when I retire\u201d- All the ads showing the perfect retirement show people traveling, golfing, laying on the beach or spending time (aka money) with their grandkids.\u00a0\u00a0 I bet you spend more money on weekends when you aren\u2019t working, compared to<\/p>\n","protected":false},"author":64,"featured_media":5667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-5664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"\n6 Retirement Planning Myths<\/title>\n<meta name=\"description\" content=\"Your retirement is often thought of as a far off and hard to achieve nirvana. 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