Let's bust some common retirement myths - Part 1

Nowadays, many people are clinging to different retirement myths in spite of all the information and publicity available out there. But holding on to each of these myths can turn out to be really harmful to your financial security and happiness in retirement. Here are the main retirement myths that can prevent you from enjoying your retirement.

Retirement is likely to occur only on the last day of one’s career. False, because retirement is to be regarded as a whole new phase in your life. It isn’t similar to your previous stages of living. Actually, few people are likely to step right from a career phase to a retirement phase in just one action. The truth is that you will have to face a transition period when you will be moving into a wholly new lifestyle. Keep in mind that you will take 1 or even 2 years in order to manage to create your new retirement lifestyle.

Something or someone else will take care of the retiree in his or her retirement. This is unlikely to happen, especially nowadays. For instance, you cannot subsist only on Social Security. The people around you – your family and friends are likely to face new economic challenges and you cannot rely on them either. So, you will have to attend to your needs by saving for your retirement.

A retiree doesn’t need too much to live on. The truth of this retirement myth depends on how people define “too much”. Keep in mind that you are likely to live another 20 or 30 years after you have retired and the costs of the essentials for living are likely to rise on a constant basis. So, you will have to think about supplementing your retirement income one way or another.

Retirement is really easy. People tend to regard their retirement as a longer weekend but this is not the case with the vast majority of people. You need purpose and meaning in your life even if you are retired. The retirement transition can become a difficult period and it may even result in depression. People are prone to enter the retirement phase of their lives with the genuine feeling that they will enjoy themselves, relaxing and pursuing a wide range of leisure activities. But most of these people are likely to discover within the first three or four years that the daily diet of relaxation and leisure creates a shallow and quite empty existence. Keep in mind that your rest really needs to be balanced by different activities – your relaxation needs to become balanced and you can do this by having purposeful activities.

Retirement is going to be wonderful because the retiree will have the opportunity of spending all his or her time with a significant person (spouse, child). But you should know that spending all your retirement time with your significant other is likely to introduce whole new challenges to your common lifestyle. You will have to make adjustments in order to be able to deal with spending a significantly longer period of time with your partner. All the retirement myths listed above can have a strong impact on the way you plan to spend your retirement. You will have to dismiss them in order to make the necessary adjustments and enjoy your retirement to its fullest.        

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