Myths About Retirement

Retirement is a serious issue that every working individual has to consider. Sadly, it may not be such an issue for others. It would certainly not matter for people who are comfortably well-off. But for the rest of us, retirement surely would take some effort to prepare for.

Some people may not worry about retirement based on certain myths that may have serious consequences later on. Such myths may either give them some false sense of confidence or make them think that there is always enough time ahead to prepare for retirement. Here are some of those myths that you should know about.

Too Young to Worry About Retirement.

This myth mostly applies to the younger employees of today. Most think that retirement is too long way off to worry about. Having this mindset may allow younger workers to put off any preparations for their retirement and instead try to enjoy life more in the present. This might sooner or later catch up on them. The earlier that one prepares for retirement, the easier and the better the chances that one may be able to enjoy retirement life more comfortably.

Preparing early is all about setting up good habits. Younger people who have been accustomed to putting of their retirement preparation early may find themselves rushing in later on to recover lost time. And besides starting early preparing for retirement makes it more "affordable" for people to set aside a bit of their earnings than starting later and setting aside larger amounts in order just to cope up.

Retirement is All About Simple Living.

Some people think that when it comes for them to retire, they will try to adopt a simpler lifestyle. Some people thing that with such a lifestyle, they won’t need a lot in order to live and therefore, require less money to save. Such people may just be wishful thinking. There is an age old saying that states, "Old Habits Die Hard". This is also true with aiming to adopt a simpler lifestyle. Having been accustomed to an older and more costly lifestyle can make it very difficult for people to adopt to a simpler lifestyle.

A downgrade in lifestyle is tough to swallow. No matter how people look at it, a simpler lifestyle for retirement may just not be possible. People would be more successful in trying to maintain living the kind of lifestyle upon retirement than having to go through a downgrade. And for this to be possible would require adequate retirement preparation and planning.

 

Posted by Ardent Editor on Feb 13 2008 in Retirement 101

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