As with most any topic in life, when it comes to retirement, myths and falsehoods abound. There are myths about people, politics, government, food, healthcare, animals… the list goes on. So, it really should come as no surprise that retirement myths are plentiful. Unfortunately, they can also be harmful if they’re taken to heart by retirees who have no way of knowing how true they are or are not.
To try and be of some assistance, we’re going to examine a handful of retirement myths and clarify their trustworthiness – or lack thereof.
Myth: Throughout My Retirement, I’ll Live in the Same Place
You may feel that, forever and ever, your housing will be taken care of. This may be particularly applicable if your mortgage is nearly or has been paid off. However, a major retirement factor for many individuals is the reality of moving. People move for different reasons: Convenience, culture, being closer to family, health care needs, etc.
Today, in the minds of many, retirement living is at its finest in a high-quality retirement community that offers maintenance, housekeeping, transportation, nutritious meals, a care team, socialization, and more.
Myth: In My Retirement, I’ll Pay Less in Taxes and Spend Less
If you are enjoying/pursuing new activities/hobbies, visiting grandchildren, traveling, etc., you might actually be spending more in retirement than you were in your younger years. It’s got everything to do with your goals, as well. It’s time to enjoy life to the max! If you can afford it, do it. Just be advised, it could mean spending a bit of your savings.
If you feel like you have less income now than you did when you were younger, you may also feel that you’ll pay fewer taxes because of it. You might end up in the same tax bracket, however, if your fixed income is close to your income when you were younger. Additionally, you will likely not qualify for college savings deductions, mortgage-related tax breaks, and more. Your taxes might even go up!
Myth: For As Long As I Have to, I Can Keep Working
It’s true that more and more people are continuing to work past 65 years of age. However, because of a disability, illness, etc., early retirement is a must for some. What’s more, it can be difficult to find a job later in life that pays well. It’s a great goal, to want to work past retirement age. But if you’re making retirement plans, try not to rely too much on that possible source of income.
Myth: Social Security Will Never Last
Contrary to what many people believe, Social Security is relatively secure – this comes to us courtesy of Ameriprise Senior Economist, Russell Price. The program’s long-term viability was improved, in part, thanks to adjustments made back in 1983. All your retirement needs may not be covered by your Social Security payments, but it’s likely a safe bet that it won’t be discontinued while you’re alive.
This brings up another myth: All my costs of living, healthcare, etc., will be covered by a singular, monthly Social Security check. Don’t count on it!
Myth: All My Retirement Healthcare Needs Will Be Met by Medicare
Granted, for hospitalization costs, doctor visits, etc., Medicare can be a blessing. However, when it comes to some types of home health care, assisted living, extended nursing home stays, and more, it may not provide the coverage you’re looking for. One vital part of retirement planning is keeping healthcare costs in mind. To ensure that, while you’re in retirement, you have enough money for healthcare costs, spend some time researching saving strategies.
Not a Myth: Residing at Hidden Meadows On The Ridge Is like Living at a Resort!
Offering senior personal care, senior respite care, and our SHINE® Memory Care, Sellersville, Pennsylvania’s Hidden Meadows On The Ridge offers numerous amenities that make life here feel like you’re on vacation every day. Included in our exclusive programs are the following:
- Dimensions Health and Fitness program
- Connections Transportation
- Impressions Maintenance and Housekeeping
- Expressions Concierge
- Celebrations Activities and Events
- Sensations Dining and much more
See for yourself all we have to offer. Schedule a tour, today. If you prefer, you can also phone us at 267-682-6538 or, for sales and leasing inquiries, call 267-458-6997.