Beware these retirement planning myths
Kailey Fralick’s article here tries to steer those planning for their golden years away from three common misconceptions that could doom their ability to have a stable, secure retirement. To begin, people in their 20s and 30s think retirement is so far away that they should not even think about it. But that is exactly the time to take advantage of the power of compound interest, as time is on young people’s side. A second myth is Medicare will cover all healthcare expenses in retirement. Not so. Fidelity estimates the average 65-year-old couple retiring today will need about $285,000 to cover medical expenses in retirement. The last myth is needing only 70% of pre-retirement income in retirement. While everyone’s needs are different, if you live in an expensive city or plan to do a lot of traveling, it’s highly likely that you’ll need more than 70% of your pre-retirement income. Further, life expectancy keeps increasing. Read the full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.