Retirement Myth #1: “I will need less money to live on when I retire.”
Maybe, maybe not. If you’re spending all or most of what you currently earn, the answer is “not.” But do you want less money in retirement than you currently earn? Do you want to travel? Have an “adventure” in your golden years? Own a second/vacation home?
People want “abundance” in their retirement, not poverty, clipping coupons or otherwise worrying if your money will die before you do.
Retirement Myth #2: “I will be in a lower tax bracket”
This may be true for some people, but not for most. Tax rates continue to go up, not just income taxes, but property and other taxes as well. If you’ve saved money in a pension, 401K plan, Individual Retirement Accounts (IRAs), or other tax-deferred vehicles, the tax man will come eventually. The need for tax planning for and in retirement is critical.
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