4. Your taxes will be lower
When it comes to myths, this might be the most popular. People are easily tricked into the idea of paying less when they retire. And it’s not true! Because your income will be drastically reduced, and because of that, you think you will pay less in taxes.
Unfortunately, the government is not on our side on this matter. And because of inflation, taxes will be rising instead of falling.
Don’t wait until the last minute to make a retirement plan and get out of this “myth” area.
Make sure you have enough money to not feel overwhelmed by the tax season. Because it’s knocking at your door every year around the same time.
How many other myths do you know? Tell us in the comment section down below.
6 Responses
I retired and my husband passed away three months later. He was self employed and did not believe in retirement planning. I am so happy that I did. Every point made in this article is true. I work two part time jobs and receive Social Security and retirement.
Wow that a blessing u can still work and u able to get your social security and retirement I worried about what I’m going to do I have none no retirement plans and I’m 51 now I work as a security guard for 8 years with no benefits like that now I’m thinking about it I should of had benefits well Im doing caregiving now I need some kind of retirement plan or is to late?
I’m so sorry about your husband 🙏🏾 I came across this about retirement and started reading this and that u had a plan and able to still work and get all your benefits I think about and I have none i work as a security guard for 8 years with no benefits no retirement plan well I’m not there now I’m doing caregiver now I’m 51 so my question is it to late I need to get a plan? Help if u have any or any one
Everything in the article is true. I pray people aren’t so quick to stop working because they turned 65. You are going to need Social Security, pension and/ or another form of income depending on your financial situation. Remember, always take care of yourself.
Most of this does not apply to me e.g., I did retire when I wanted to, am living fine on my soc sec check (so, not working; thought I would work part-time), have plenty of time to myself (in spite of being grandma’s taxi service for 2 teens), etc.. I did wait until 72 to retire because I loved my job and was healthy enough to do so.
I’m one of those who were forced to retire to make way for the young. (Another myth… there’s no such thing as ageism.) Wanted 2 more years to pay off house and go out on my own terms. Oh well, that’s life!
Fortunately, we’re pretty good retirement-wise. SS, Pension & 401k & IRA. AND we will liquidate and move to smaller house down south.