10 common myths that could be hurting your retirement planning
There are quite a few recurring myths that could be hurting your ability to plan properly for retirement. Here are 10 heard most often:
- It’s too early to start saving for retirement.
- I’ll need about 80% of my current income in retirement.
- I won’t see a dime from Social Security.
- If I contribute to a retirement plan, my money will be all tied up.
- I should automatically roll my retirement account into an IRA when I leave a company.
- I can’t contribute to an IRA because I have a retirement plan at work.
- My income is too high to put money in a Roth IRA.
- My tax rate will be the same in retirement, so I don’t get any benefit from tax deferral.
- I can be well-diversified by just spreading money around all the options in my retirement plan.
- I should invest my retirement account in top-performing funds.