Patricia Stallworth No Comments

Today on the minute – retirement myth #1

I had a long conversation with an old friend this weekend and he had some really odd notions and I think it’s partly because he is still stuck in the past. The conversation turned to retirement and he said, I know I’m going to be okay in retirement because I am actively saving and I am only investing in the latest and greatest ETF’s and if all else fails I know I can work in retirement at least part-time and that will carry me through.

There were at least five things that could go wrong with his idea of a plan, so let’s uncover some of them. First, he doesn’t really have a retirement plan so even though he’s saving each month, he doesn’t know if he is saving enough because he doesn’t know how much money he needs. There are lots of retirement calculators on line like the one at Vanguard.com, but he had not even used one of those so he is totally in the dark.

So, what can he do at this stage? If retiring and staying retired is really important to him, a good first step is to get a plan – one that focuses on his specific situation and takes his lifestyle into account so he can have some real idea if he is going to be okay or if he needs to adjust his savings and/or after retirement lifestyle.

And that’s the minute for today. Tune in tomorrow when we uncover another retirement myth. You know I love helping people with all aspects of their financial lives. If you have a question, if debt is an issue or if you just want to get your financial house in order contact me at info@mindingyourmoneyminute.com or go to my website at psworth.com and sign up for a free discovery session.

Thanks for listening and as always remember that minding your money really is the path to a richer life!