10 retirement myths that can crack your nest egg

Preparing for your golden years can be hard enough without getting bogged down in conventional wisdom.

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Mar 23, 2014 10:32AM

Cracks me up.  "If you are 10 years or more from retirement its best not to plan on Social Security at all."

So the authors are predicting nothing less than the complete economic collapse of the US Treasury in 10 years or less, yet we should keep investing in the market, because the market will be able to ignore the economic collapse of the US Government.

Ms. O'Hara, I can't decide if you are an idiot or a firestarter.  I vote the former.  Your next article should seal the case.

Mar 23, 2014 5:26AM
"YOUR OLD TO SOON ,AND SMART TO LATE'  Many people think that retirement is all peaches and cream. But if you don't have your health it could be hell.So if your young try to take care of yourself,and make sure you have some money saved.Without it can be rough   Good luck
Mar 20, 2014 6:16AM
If your young, save early, save 10% of your income starting at the earliest age possible, max out a roth IRA every year that you earn an income and you will have no problems in retirement with 45+ years of compounded tax free earnings.
Mar 20, 2014 10:32AM
My wife and I are pretty healthy but we are finding medical costs are really climbing. She had a hysterectomy and the next year I had shoulder surgery I had put off for years. Even with great insurance we had thousands in co-pays. We also are taking a few medicines now the cost about 150 a month out of pocket. We have much less in the way of deductions and the maintenance on the house is becoming an issue as it gets older.
And then there are the six grand-kids. They are such a treat but there is always a birthday, Christmas or something else that costs. 
It still beats working full time. 
Mar 23, 2014 8:47AM
****! I've been retired for several years and I can happily attest that there is not one iota of truth in this "article". It's obviously written by some journalist wannabe who's incapable of coming up with real news or with an original thought.
Mar 20, 2014 6:48AM

Retirement??? America, your in for a rude awaking!! I thank my lucky stars, that I was one of a lucky few, to be able to retire, from a good job, with a good pension, benefits, and full S.S.I. I invested wisely, and got out of debt, upon retiring. I worked hard, and worked smart, now enjoying the fruits of it.

The way, things are, now days, and unless there are some drastic changes, I just don't see much of a future, for most Americans. Welfare, isn't  a good retirement plan. And, for or some of you wondering? No, I didn't ware a suite and tie, to work. Just a blue color job.

Mar 20, 2014 8:58AM
YES do watch that sugar especially extra weight contributes to a higher risk of type 2 diabetes.My mom had it.The costs of the meds blew through that prescription coverage in nothing flat And having savings disqualified you for all those free meds that they boast on the infomercials. Bottom line was 400 dollars a month out of pocket.Yes buy those walking shoes. It is very preventable.
Mar 20, 2014 3:29PM
All these retirement myths just involve being smart with your money.  As with any other financial issue, the key is to spend less than you make.
If you start to run out of cash during retirement, just start living below your means for a while... (but of course that's easier said than done.) Here are some of my tips:
1) Start by selling everything you don't need.  You probably have a bunch of antiques or collectibles that you could sell for big money.
2) Cut eating out as much as possible.. aim for eating on less than $2/day (definitely possible) especially as caloric requirements decrease as you age.
3) Cut back on transportation costs. Drive a cheap car (Honda Civic), get cheap $25/month insurance (check out 4AutoInsuranceQuote, they are the cheapest... Insurance Panda is also good), use GasBuddy for gas.
4) Don't bite off more than you can chew with rent/mortgage/assist​ed living or whatever house cost you have.  Hopefully it's already paid off...
5) Get whole life insurance if you don't have it. Life Ant is great for cheap whole policies with good benefits.  ($50/month with $1 million in benefits).  Will be great to protect your loved ones when you pass.  Also, you can earn dividends from it.
6) Put away as much money possible when you can.  Get pleasure from putting money into your bank account rather than putting money into a flatscreen TV or a vacation.
Mar 23, 2014 5:04PM
If you listen to all these retirement advisors, even if you saved everything you earned, it still wouldn't be enough when you retire.
Mar 22, 2014 11:15PM

Although there are "many myths"....Many about to be retirees, seem to think you may need a Million dollars in Savings or Investments.....Well investments can be the tricky part...??

If we had waited for that, I probably would still be working; But investments over the years including even the downturn from 2007-2009 were a minor/major set back, that makes you take interest and reconsider every part of your retirement...You have to try and move on, a very good recovery presented itself...But many panicked, and didn't or couldn't take advantage of it...

Those investors or savers lost twice..

Unfortunately the sad part was many were at the doorstep of walking into retirement..

And now we have a fear factor for many, much like what happened in our past Depression..

The one in '29-40s.

It is much cheaper to live in retirement than most seem to think..

Add it all up, without any extravagance and it becomes much clearer..

You might be surprised by what you DON'T need and what you can go without...

Planning ahead would have been the FIRST step..

Mar 23, 2014 2:25PM
Don't forget if you are successful you become a target for redistribution.
Mar 22, 2014 12:42PM

ANOTHER 35 slides to go through and spend 20 minutes of my life...Hunched over a computer.

Although I really don't want to be STRANDED in the middle of the Pacific on a Catamaran either.

Prepare for retirement, gather all or any money making or collecting ideas that you can...

Be ready for retirement with some sort of plan..

Take control of investments, savings and budgets...

Then sit back and enjoy your life....

And do what you want or can afford to do...

DON'T blame your problems on anyone else. 

Mar 20, 2014 8:23AM
We are never guaranteed tomorrow. I am retiring next year after 25 years of service which was not an easy task to do. I tolerated some of the most dishonest and rudest people in all my years of employment to get this pension. Had I stayed in the health field, I may or may not have had a pension with the hospitals I worked for. I knew civil service or government jobs offered that and good benefits too. But, expect to deal with a lot of bad politics and very little good. I am trimming down my budget and paying off my debts. I don't know what I plan to do after retirement, but, I hope I don't find myself needing to go back to work the way healthcare has increased because of Obama-don't-care. I don't know how my health will be later on. Already I can count eleven friends and relatives who all died before they reached 60 and I know three more who are in very bad health at 62. I feel the Baby Boomers may be the last generation who will be able to retire at a decent age. I know six friends who are already retired and two more who are retiring this year at 62, all with pensions. Then next year I will retire. You just about have to have a pension of some kind and some money saved up in order to afford to retire since social security may not be enough to live decently on. I know very few who are choosing to work until they are in their late 60's or until they reach 70's for various reasons. I just hope those who decide that will live long enough to enjoy it. I know I paid my dues dearly for it.
Mar 20, 2014 10:12AM

Myth,  there is an account with money in it that has been gathered by the govt for your retirement.

Myth,  there is enough money in the fed budget to keep paying Soc Sec payments

Myth,  if you like your insurance you can keep it

Myth,  if you like your doctors you can keep them

Myth,  Democrats really do care, they're not just buying votes with your money

Myth,  AARP is not in the hip pocket of the Democrat Party

Mar 22, 2014 3:48PM
I'm sorry. I got through the first three and their so poorly thought out I'm not bothering with the rest.

Yes, almost ALL of us spend less in retirement: no mortgage, no retirement savings, no FICA, no work-related expenses, and if you're married and make $20K in Soc.Sec. and $22K in taxable income, you pay NO taxes on Soc.Sec. because 1/2 Soc.Sec. + taxable income is $32K or less. So you WILL pay less in taxes if your income is comparable to when you worked.

So "myths" 1 and 3 are TRUTHS for most people.

Mar 23, 2014 5:13AM
Keep your family money and take care of your folks at home.  Don't work at jobs that pay $3K a month and then pay $7K a month for nursing care or assisted living (that doesn't offer much assistance)  Plus, your folks get to stay home like they generally want to, and don't have to go to the depressing environment of a nursing home.
Mar 23, 2014 3:34PM
Good article for the average person. The true golden years are 60-70 years when you can move around and travel. After 70 years our bodies deteriorate till we die. Take SS at 62 unless you are working and enjoy full 75% of SS benefits. Retire at 65 and take SS unless you love your work more than anything. Too many folks delay taking SS till 70 and die not taking a dime of SS. Too much money to give up to uncle sam from 62 to 70. Come on folks, take SS as early as possible. The break-even point is 15 years. Don't believe me? Take a trip to the nursing home. Most 80 years old stay put and spend their money on health care and not travel.
Mar 19, 2014 10:27PM
That was a pretty good article. Medical is the most expensive. $10,000 a day for a three day stay. $30,000. Most seniors go without treatments. You end up paying everything to the hospitals. Some even call you before they send the bill wanting to know when you will pay. Now here comes Obamacare. It is okay to share the wealth if you share the work. The slow pay no pay patients will fill the hospitals. Big mess coming to a hospital near you. Watch your sugar & salt as much as money.
Mar 23, 2014 2:42PM
"There is good debt and bad debt."  

No there isn't.  There is no such thing as good debt.
Mar 23, 2014 11:03AM
All valid concerns, but if you did not start saving and investing in your 20s and 30s and now your 65 and have nothing?  You are in BIG trouble my friend.  No MSN article can save you now because you already failed the test.  Better find a good financial adviser and plan on working until you drop.  I hope your health holds out because mine hit a road block at 54 and I was a literal health nut, but I did start seriously planning for my retirement in my early 30s.  It literally saved me from a financial disaster.
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