7 Sneaky Lies That Could Sabotage Your Retirement Plans
Get the real scoop to build a rock-solid retirement plan.
Picture this: you're on the cusp of retirement, ready to kick back and enjoy the rewards of your hard work. But hold on a second! There's a bunch of fibs floating around that might be messing with your retirement dreams. Let's tear down seven of the sneakiest lies that could be blocking your path to the retirement you deserve.
Lie 1: Social Security's Got You Covered
Oh, the infamous tale of Social Security swooping in to save the day! Well, here's the real deal: while Social Security does help, it's often not enough to fund the amazing retirement you've been imagining. You need your own savings, smart investments, and a game-changing retirement strategy to make things rock.
Lie 2: Retirement's Light Years Away
Thinking retirement's ages away? Think again! Time's your buddy when it comes to stacking up those retirement bucks. Starting early means your money gets to party with compounding interest, growing bigger and better for your big day.
Lie 3: Downsizing Will Make It Rain Green
Sure, downsizing and tightening your money belt could be part of your plan, but don't be fooled – it's not a one-size-fits-all solution. Medical bills and unexpected surprises can crash the party. Relying only on spending less might turn your retirement dreams into a low-budget show.
Lie 4: The Inheritance Jackpot
Banking on a windfall from your folks? Hold up! Life's unpredictable and relying on an inheritance isn't a solid plan. Your parents might need their savings, or life might throw curveballs. Best to be in the driver's seat of your financial journey.
Lie 5: I Can Catch Up Later
Future-you might be cool, but let's not make them do all the heavy lifting. Emergencies, health issues, and unexpected job changes can all disrupt your plans. Starting early and consistently contributing to your retirement funds provides a safety net against unforeseen events.
Lie 6: DIY Financial Advice
While you're pretty awesome, getting some financial wizardry from the pros won't hurt. Financial advisors can whip up tailored plans, guide you through the maze of investments, and make sure your retirement party's a blast. Here are some free resources for our members:
- Our DFCU Financial Partners can help discuss your goals through a complimentary, no-obligation meeting.*
- We offer free financial webinars on topics to help our members and the community overcome financial challenges and achieve important milestones – check out our Retirement Readiness course!
Lie 7: I Will Be Working FOREVER
Some people plan to work well into their golden years as a way to secure their financial future. While working longer can be a viable strategy, it might not always be feasible due to health issues, job market dynamics, or personal circumstances. Relying solely on continued employment can hinder your ability to enjoy a stress-free retirement.
Retirement planning requires clear-eyed honesty and a proactive approach. Chucking these seven common lies can help you build a stronger financial foundation for your retirement years. Instead, start early, get expert advice, and build a retirement plan that'll have you dancing through your golden years. Your retirement playlist should be all about good vibes and adventure – and with the right plan, you're the rockstar of that show.
Non-deposit investment products and services are offered through CUSO Financial Services, LP (“CUSO Financial”) (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. Atria Wealth Solutions, Inc. (“Atria”) is not a broker-dealer or Registered Investment Advisor and does not provide investment advice. CFS is a subsidiary of Atria.Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.CFS representatives do not provide tax or legal guidance. For such guidance, please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.