by Dr. G. A. Anderson

Created on: August 02, 2011

As the daily routine of our working years grinds to a screeching halt—a halt called retirement—many people today find out the hard way that they've fallen for common retirement myths and failed to build up sufficient funds, or have neglected to make any significant plan to sustain themselves through the years ahead. With advanced medical discoveries, we are living longer now, and retirement could extend for two to three decades beyond the end of our work years. If you're healthy and you've planned well ahead for retirement, all is well and life can be lovely.

However, many have made no plans and have relied on mistaken ideas about the future. The myths surrounding retirement planning are many and can be devastating for those who've depended on them for future security. Just a few are mentioned here:

"We're young yet. There's plenty of time to plan for retirement." The problem with this is that it's flawed thinking. Retirement should be a priority from the very beginning of your working days, no matter what kind of work you do. The years go by very fast, and before you know it, you're at the point where you realize that a potentially large chunk of your life has no plan in place.

"We'll be getting pensions and Social Security, and that will be enough." Another problem arises with this myth, in that many companies have gone under or have cut costs drastically, including pension payments. If you still receive a pension, it may be much less that you'd counted on. With talk of Social Security going broke, and extending the age for full retirement, there is nothing dependable about Social Security. It's not the security our seniors once enjoyed. Depending on either or both of these incomes is a huge mistake.

"I've always been healthy, and I'll always be healthy." Really? How do you know that? It is a myth that everyone who's healthy in their younger working years will remain so after retirement. We don't have a crystal ball to see into the future. There are many factors that come into play after retirement that affect health, and many retirees find health issues cropping up that they never imagined. This, of course, drains whatever savings one may have accumulated over the years, and without adequate insurance, enough savings, or a long-term care insurance plan, elders can find themselves in trouble financially.

"There are plenty of part-time jobs; I'll get one." There may be some part-time jobs in your community, but suppose you aren't suited to them.

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