Prioritizing retirement planning should be a priority for all age groups — here’s how to make effective changes.
CONWAY GITTENS: What are some of the most common myths that you hear about retirement?
BOB POWELL: Well, I think, you know, one myth is especially for people in their 20s, they think it’s 40 years away, I can wait. You know, that’s a myth. They shouldn’t wait. I mean, yes, they have time, but they shouldn’t waste the time thinking that there’s so much time in between now and then that they can make up the difference. It gets harder and harder, especially if you get married, have kids, start saving for college, trying to buy a house. Et cetera. Et cetera. So instill that habit right from the get go. And then at the other end of retirement, a lot of people get to retirement and they get there and they retire from something, but not to something. They get to be 62 or 65 and they and they say, well, I’m done. I’m tired. I have enough Social Security. I think I have enough money in my 401(k and I’m going to call it quits. And they call it quits without figuring out what it is that they’re going to do for the next 30 years of their life. So what I would suggest to people is long before you say I’m done and you hand in your last know, your key to the front door is to think carefully about what you’re going to do in retirement. So often people who retire without something to do in retirement go back to work and oftentimes go back to the work for the very same employer that they just left. And it’s part because they didn’t know what they were, how they were going to fill their time. So think carefully about what your purpose will be in retirement. And I think between at the young end, you know, taking advantage of the 40 years of savings that you can have is important. And at the tail end of your career, thinking long and hard about what it is you’re going to do with 30 years of free time.
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