Misconceptions about Retirement Planning
My expenses will drop when I retire.
My retirement will only last 15 years.
I can depend on Social Security and my company pension to pay for my basic living expenses.
My pension benefits will increase to keep pace with inflation.
My employers health insurance plan and Medicare will cover my medical expenses.
There’s plenty of time for me to start saving for retirement.
Saving just a little bit won’t help
Lets think for a while..
If from age 25 to 65 you invest $300 a month (9% interest-annual) at age 65 you’ll have 1.4 million in your retirement fund.
Wait ten years until age 35 to start and you’ll have about $550,000 at age 65.
Wait twenty years until age 45 and you’ll have only $201,000 at age 65.
