Baby Boomers: Don't fall for these all-too-common retirement myths

"As remaining Baby Boomers wind down for retirement while the already-retired move forward with their retirement plans amid their golden years, it's about time we discussed some of the more common retirement myths, why people believe in them, and how they could set one back. Undoubtedly, retirees and those soon to join the club have worked incredibly hard to accumulate a nest egg to sustainability support them anywhere from a decade and a half to four decades."

"In any case, let's look at three common retirement myths, which, I believe, are a benign inconvenience at best and a hit on your nest egg at worst. Additionally, we'll go over potential ways for retirees to sidestep the pitfalls of such retirement myths. As always, don't take my word for it. Hire a financial adviser and wealth planner to go over your plan so you can gain a magnitude of assurance that money can buy!"

"First up, we have the retirement myth that one's cost of living will be lower through their retirement years. As always, nobody can tell the future. Also, everybody's retirement lifestyle is going to be different. As I noted in a prior piece, some retirees are shooting to spend as much as they can to maximize their enjoyment in retirement, whereas others aim to leave something over to loved ones or charitable organizations they believe in."

Many Baby Boomers are entering retirement while earlier retirees adjust to their golden years. Retirees worked to accumulate nest eggs intended to sustain them for a decade and a half to four decades. Nest eggs should not be risked because future workforce reentry is uncertain. Three common retirement myths can erode retirement savings if unchallenged. One prevalent myth assumes living costs will fall in retirement, but spending can surge during early 'go-go' years on travel, gifts, and leisure and later rise due to healthcare and other needs. Professional financial advisers and wealth planners can help create durable retirement strategies.

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