subject: Breaking Retirement Myths And Building Your Retirement Budget [print this page] With so many news outlets, opinions, and pundits claiming they know whats best for you when it comes to your retirement, its easy to lose sight of whats most important How to plan your retirement budget and get the most out of the retirement that you deserve.
We wont be able to tell you what works best for you and your retirement, but by dispelling some of the most common myths surrounding retirement, well provide key insights into what you can expect as you navigate through the waters of retirement or get ready to plan your retirement budget.
MYTH: People need to replace 100% of their pre-retirement income after they have retired.
Reality: Most people need between 65% and 85% of their pre-retirement income to be secure.
MYTH: Younger workers will be more prepared for retirement than Baby Boomers
Reality: With the uncertainty in todays economy, it makes it more and more difficult to save and. This leaves younger workers more vulnerable to being underprepared for retirement budget planning.
MYTH: If todays workers saved as much relative to their parents, their retirement will be secure.
Reality: Todays workers will have to save on a much larger scale in order to be secure in their retirement budgets.
MYTH: A million dollars will cover you in your retirement.
Reality: If you are making a six figure income and are having no plans of scaling back your standard of living or
retirement budget, a one million dollar nest egg may not be enough to cover you through the duration of your retirement
MYTH: Youre too old to start saving.
Reality: It may have been better to start saving when you were younger but youre never too old to start putting away some savings. Even if youre over fifty, you can still put away enough money to make a significant contribution in your retirement.
MYTH: Social Security wont be there when you retire
Reality: Despite the plethora of news heads and pundits claiming that the Social Security well is drying up, payroll taxes will still be able to fund scheduled Social Security benefits late into this century.
Check out http://www.retirementfinances.com/retirement-budget for Retirement Budget,Retirement Finances and Retirement Investing.
by: Andy McShane
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