Finance
Finance

Planning for your Retirement

September, 2012 TSG_PTIMG_0010_TwoPeopl

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
  1. 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.

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