The biggest retirement myths debunked Part 1

When it comes to retirement planning, there are a lot of myths out there. Here are some of the biggest ones, debunked.

Myth #1: You don’t need to start saving for retirement until you’re in your 40s.

Wrong! The earlier you start saving, the better off you’ll be. Even if you can only save a small amount each month, it will add up over time.

Myth #2: You don’t need to save if you have a good pension plan.

Pensions are great, but they may not be enough on their own. Pensions are often not as generous as they used to be, and they may not cover all of your expenses in retirement. It’s important to have your own savings as well.

Myth #3: You can’t save if you have debt.

It may seem like you can’t save if you have debt, but that’s not necessarily true. Even if you have debt, you can still save a small amount each month. And, as you pay off your debt, you’ll have more money available to save.

Myth #4: You don’t need to save if you have a good income.

Just because you have a good income doesn’t mean you don’t need to save for retirement. In fact, if you have a good income, you may need to save even more. That’s because you’ll likely have a higher standard of living in retirement and you’ll need to have enough money to cover your costs.

Myth #5: Investing is too risky.

Investing can be risky, but it’s also one of the best ways to grow your money. If you’re worried about risk, you can start by investing in a diversified portfolio of stocks and bonds. Over time, you can adjust your portfolio to be more or less aggressive, depending on your comfort level.

Saving for retirement can be daunting, but it’s important to remember that it’s never too late to start. And, with a little planning and effort, you can make sure you have a comfortable retirement.

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Always seek advice from your financial planner. If you are a member of one of the BC Public Sector Pensions plans, you can see what the Pension Corporation says about your situation. Their pages provide a detailed summary of your options.