Many of the notions you may have about retirement, could get you into serious financial trouble. Are you prepared if taxes go up? How much will it cost you to pull money from your 401k or IRA? Does your current strategy align with your risk tolerance?
This week on the David Lukas Show, David talks about recurring myths about retirement. Throughout the hour, David demystifies each misnomer and expands upon how you can prepare for many of the common pitfalls in retirement.
- Claiming SS as soon as possible is the way to go: Many soon to be retirees are under the impression that Social Security is prime for the taking as soon as they hit retirement age. That assumption can be detrimental to your retirement plan. Setting up a retirement plan with a retirement specialist is your best bet.
- Social Security Administration will assist you in collecting: The findings of a recent Government Accountability Office report concluded that the agency is consistently giving either bad or false information to retirees on the complicated subject of collecting their benefits. See Related Article: How Social Security Misleads About Claiming Benefits
- The market will stay or go up forever: When the market is good…everything is oh so good. But as history shows just as all things go up…they also come back down. Nobody could have predicted the damage that was done in the stock market back in 2008. If a fall like that happened again, would your retirement accounts be protected?
- Medicare will cover your healthcare costs: Healthcare seems so uncertain right now and many retirees are assuming that Medicare is free and that it will cover it all after retirement. There is also the assumption that Medicare will cover costly long-term care. Unfortunately that just isn’t so.
- Your investments will steadily create income, for you, after retirement: Unless you plan carefully and dutifully protect your assets, they may not be there for you to depend on.
- You shouldn’t own any permanent life insurance: Many of us assume we don’t need permanent life insurance. Instead they opt for term and “plan” on investing the difference. The reality is, most don’t and most don’t realize the flexibility and value of permanent life insurance.
If any one of these critical issues were placed before you, would you be prepared? David Lukas Financial specializes in strategies designed to help you prepare for uncertainty in retirement. Want to know more about The WorryFree Retirement® process? Call David Lukas, (501) 218-8880, today to learn more about what David Lukas Financial can do for you. *Conveniently located right here in North Little Rock, Arkansas.
Article mentioned in today’s show via Forbes.com, How social security misleads about claiming benefits.
The Guide to Social Security can help you understand how to keep up to 32% more of your money for retirement. Since you have a choice of when to start Social Security and also your individual or employer-plan qualified retirement money, can be coordinate to maximize your Social Security. Request your Free Guide To Social Security today! (Must be a resident of Arkansas) Call 501-377-9602 for registration availability.
Also be sure to check out the upcoming Maximizing Social Security Classes taught by David and held right here in North Little Rock. To get more details and register for a class go HERE.