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.
One Response
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.