When it comes to planning for retirement, there’s no shortage of advice out there. Unfortunately, much of it can be misleading or only half-true. That can be a problem for investors because they end up following guidance that doesn’t apply to their situation. Today we continue our two-part discussion on these potentially misleading statements by shedding light on some of the most common retirement half-truths and explain why they might not tell the whole story.
Join us as we cover common misconceptions about retirement planning, including the 4% withdrawal rule, 401K contributions, working through retirement, Medicare coverage, and Social Security benefits. Michael breaks down each topic, providing insights into why these widely-held beliefs might not tell the whole story and what you can do to better prepare for your financial future.
Here’s what we discuss in this episode:
- Half-truth #6: You should withdraw 4% annually from your retirement savings.
- Half-truth #7: Saving just enough to match your employer’s 401(k) contribution is sufficient.
- Half-truth #8: You don’t need a retirement plan if you plan to work throughout retirement.
- Half-truth #9: Medicare will take care of all your healthcare needs after retirement.
- Half-truth #10: Social Security will cover your basic expenses in retirement.
Michael is a Financial Advisor and Certified Business Exit Planner at WestPac Wealth Partners. His daily mission is to help families and business owners make smart financial decisions so they can live on their own terms for the rest of their lives, regardless of what life events and opportunities come their way.
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
