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What are some myths people have about retirement savings?


A recent study found that half of all people enter their retirement with less than $10,000 in savings, possibly with the mistaken belief that it will be sufficient to carry them through. There are several myths that have contributed to this belief in retirement mismanagement.
 

Myth #1: Social Security will take care of you: Unfortunately, a monthly $1,140 is the average benefit of a couple--both receiving benefits. Will this be sufficient?
 

Myth #2: Your retirement will be short: People who retire at age 65 can expect to live another 18 or more years. And what happens if you are forced to retire early?
 

Myth #3: Your parents will leave you the money: Your parents are probably facing the same limited funds that you will. In fact, you may even need to financially support them at the same time you retire.
 

 

Source: "Retirement Myths," Person to Person, July 1998, p. 3

 

 

 

 

Written by:
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri Extension

Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension

 

 

 

 

 

 

 

 

 

 

 

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Last update: Monday, July 28, 2008

 

 

 


 
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