{"id":161808,"date":"2025-09-22T16:47:12","date_gmt":"2025-09-22T16:47:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/161808\/"},"modified":"2025-09-22T16:47:12","modified_gmt":"2025-09-22T16:47:12","slug":"the-big-retirement-myth-that-could-ruin-your-plans","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/161808\/","title":{"rendered":"The Big Retirement Myth That Could Ruin Your Plans"},"content":{"rendered":"\n

According to Maurie Backman from The Motley Fool<\/a>, the big retirement myth that can be harmful is assuming you\u2019ll have time to catch up with retirement savings<\/a>. Backman said it\u2019s a myth that many workers tell themselves at various points in their careers.<\/p>\n

Read More: Here\u2019s Why You Might Want To Invest Your Retirement Savings in a Roth 401(k)<\/a><\/p>\n

Find Out: 10 Used Cars That Will Last Longer Than the Average New Vehicle<\/a><\/p>\n

What might this look like in real life? Perhaps it means neglecting IRAs and 401(k) plans in the early years of working because someone thinks they\u2019ll be able to catch up later<\/a>.<\/p>\n

The obvious first issue is a worker never knows if their career might end up getting cut short for health issues, industry shakeups or other reasons. Additionally, starting later with saving<\/a> probably means years of missed gains and compounded returns.<\/p>\n

\u201cIt can be dangerous to assume you can just work longer,\u201d said Marguerita Cheng, certified financial planner (CFP) and CEO of Blue Ocean Global Wealth<\/a>. \u201cSometimes there are circumstances beyond our control, such as job loss, illness or divorce loss of a loved one.\u201d<\/p>\n

Be Aware: 10 Bills That Drain Your Retirement Savings \u2014 and How To Cancel Them<\/a><\/p>\n

Speaking of calculations, according to Dr. Annie Cole, a financial coach and founder of Money Essentials for Women<\/a>, \u201cMost of us are taught to save for retirement, but few of us are taught how to actually calculate our retirement needs down to the dollar.\u201d<\/p>\n

Specifically, Cole said there are three problem areas when it comes to calculations: Forgetting to adjust for inflation, forgetting to include retirement-specific costs and miscalculating taxes. For retirement-specific costs, it\u2019s important to consider how health insurance, mortgage payments and more will hit your retirement budget<\/a>.<\/p>\n

For Taylor Kovar, CFP and CEO of 11 Financial<\/a>, the biggest myth he hears about retirement is that there\u2019s a magic number everyone needs to hit.<\/p>\n

\u201cThat\u2019s just not true,\u201d he said. \u201cRetirement looks different for every person. I always tell people wealth equals freedom<\/a>, and freedom doesn\u2019t look the same for everyone.\u201d<\/p>\n

More From GOBankingRates<\/p>\n

This article originally appeared on GOBankingRates.com<\/a>: The Big Retirement Myth That Could Ruin Your Plans<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"According to Maurie Backman from The Motley Fool, the big retirement myth that can be harmful is assuming…\n","protected":false},"author":2,"featured_media":161809,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,133,84057,84056,131,132,12985],"class_list":["post-161808","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-ca","tag-canada","tag-finance","tag-marguerita-cheng","tag-maurie-backman","tag-personal-finance","tag-personalfinance","tag-retirement-savings"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/161808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=161808"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/161808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/161809"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=161808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=161808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=161808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}