5 Retirement Myths That Are Flat Out Wrong

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Күн бұрын

Every American adult knows that accruing a large enough nest egg to support you after you retire is a difficult enterprise. But you might be less cognizant of the complications that follow after retiring: Managing your money once you switch from your familiar "saving up" mode to the new and confusing "spending down" mode will be no walk in the park, either. However, one thing can make both of those tasks much tougher, and that's falling prey to personal finance myths.
In this episode of Motley Fool Answers, hosts Alison Southwick and Robert Brokamp bring personal finance writer Maurie Backman into the studio to talk about her five least favorite mistakes in that category. But first, it's another multifaceted "What's Up, Bro?" segment with some good news for users of certain tax-advantaged investment vehicles, and less good news for...well, most of us.
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Пікірлер: 15

@deleenc5203 5 жыл бұрын

Property Taxes are now killing us. Leaving our dream home.

@robertb3214 5 жыл бұрын

Actually my expenses when I retire in 12 years do go down. 1) Mortgage Payment; 2) Employer provided Long-Term Disability; 3) Employer provided Supplemental Life Insurance; 4) Social Security Tax; 5) Medicare Tax; 6) Contributions to my 401(k); and 7) Tithe. These alone in total make us 40% of my expenses. I have budgets made for each year going to 2036 so I can estimate these things.

@mountainman6273 5 жыл бұрын

Nice job Robert the young lady is clueless.

@mbram635 5 жыл бұрын

Rent has built in cost for major expenses. So you pay for roof, appliances anyway. Not having a mortgage in retirement should be the goal. Put money in "house expenses" acct so when those expenses occur you have the funds.

@lockey820 3 жыл бұрын

I can’t stand it when finance people throw personal politics into the middle of talking money. No one cares about your private views. Talk money, save your politics.

@BillSchultz70 5 жыл бұрын

Saying maintenance on a house will go up enough to offset a mortgage is like saying car maintenance costs more than buying a new car. It's a ridiculous statement. Do you pay $120,000 a decade to maintain your house? Also Social Security can pay the basic bills. Anyone can feed themselves and put a roof over their head on $1500 a month (assuming your not living in the most expensive cities in the U.S., in which case, move, your retired!). They aren't saying you can live completely on Social Security, the statement was "Social Security will pay the bills." If you are going to do anything besides pay the bills, then you will need more. Most people don't deny that, so yes, social security will pay the bills. You say you shouldn't follow the 4% guidelines religiously (which I agree with), but then go on to follow the bond % of a portfolio guidelines as if they were to be followed religiously. How about not following the bond % recommendation instead? It makes a lot of assumptions as well. Also the Trinity Study found "even a TIPS portfolio that yielded only 1.3% real would sustain a 4%, inflation-adjusted, safe withdrawal rate over a 30-year period" I would rather hear from an older retired person as a guest than some young chick who has no experience on retirement. Expenses will go down, no SS tax, Medicare tax, retirement savings, mortgage payment. How much of your income does that all add up to? Well the mortgage payment alone is normally about 30%, retirement savings another 20%?, then taxes on top of that. So yes, about 50%. Anyway, sorry, I disagree with almost all of these "myths" being busted here.

@deleenc5203 5 жыл бұрын

Fat all due to the sugar and carbs! The poor are extremely fat at least in Texas.