Biggest Retirement Myths You Shouldn't Fall For
It can be overwhelming for pre-retirees to think about retirement because it involves a slew of multifaceted risks that they would need to consider. Unfortunately, many people fall prey to common misconceptions surrounding retirement planning, preparation, and timing. To better prepare yourself for when that time comes, you might want to enlist the best financial advisors' help in New York.
What are the Biggest Retirement Myths That You Shouldn't Fall For?
MYTH 1: I Can Choose to Keep on Working and Never Retire
Most people fail to realize that retirement isn't always a choice. Countless people ended up retiring earlier than they planned. A large number of these retirees are the ones who found themselves struggling with health problems that compelled them to stop working.
MYTH 2: I Won't Reach the Age of 90
Although many people assume that they'll die even before they reach the age of 90, many of them live to the age of 95. It's dangerous to underestimate your longevity risk, especially if you use systematic withdrawals. Unless you're willing to take the risk of running out of money in retirement, it's best to give your retirement plans much careful thinking.
MYTH 3: I'll Be Spending Less and Paying Less in Taxes in Retirement
Did you know that you can spend more in retirement than you initially thought? This is especially true if you travel a lot or decide to pursue individual hobbies and other activities.
When it comes to paying taxes, you can't exactly expect to pay less unless you have a lower income. However, if you'll still fall under the same tax bracket as when you were working, you'll pay the same amount in taxes as before.
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