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Your unique financial circumstances should ultimately determine the retirement guidance you follow. However, when you do consume retirement advice from the media or elsewhere, there are also several myths to be aware of.READ THE ARTICLE
A few listed here include:
📌 You need $1 million to retire: Wrong! The number you need to retire confidently is personal to you
📌 Social Security won’t be there for you: Changes will need to be made in order to sustain the program, but your benefits won’t disappear.
📌 Your retirement expenses will decline as you get older: Again, this depends on your situation. You might find you spend less – or, you might need to cover long term care costs or unforeseen health care costs in the future.
📌 Once you retire, your savings days are over: You might not be saving as much as you were in your accumulating years, but you still need cash in an emergency or rainy day fund.
📌 Health care costs in retirement are more than $300,000: This is just an estimate. Medicare and a Medigap plan can help cover out-of-pocket expenses once you qualify.
You know sound financial guidance is not found in what the masses follow. It’s not based on averages, but instead, your own Retire With Purpose framework.