Life Insurance Quotes

Debunking retirement myths

06/27/11


More people will be approaching retirement age this year than ever before and it is important to understand exactly what they should expect. There are many misconceptions about retiring and how to properly prepare, which can be devastating if not carefully scrutinized.

One of the mist important factors to consider when planning for retirement is how much money a person will need. Years ago $1 million in savings may have seemed like enough to live off of, but that number will continue to grow as the cost of living rises, according to MetroWest Daily News. What may be a substantial amount of money during the early years of a person's retirement may not be much 20 years down the road.

Safe investments such as bonds and CDs can provide conservative investments, while annuities and universal life insurance policies can allow for substantial payouts throughout retirement. Experts believe that diversifying investments may be the best way to protect a sound retirement nest egg.

Many people were planning to sell their homes as a means of acquiring a significant amount of money later in life, but that may be much more difficult to do with the housing market struggling to recover. Putting off selling for a few more years may allow the market time to revive itself.  

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