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Retirement Myth #5: And We’ll Live Happily Ever After In RetirementThat is a line from a fairy tale! Too many darn things can go wrong with your planning.
Retirement Myth #4: I Am Going To Work ForeverThe reality is that may not be possible for a variety of reasons.
Retirement Myth #3: Social Security Will Be EnoughThe reality is Social Security was designed to replace only about 40% of your current paycheck and less if you are a high wage earner.
Retirement Myth #2: I Am Going To Inherit Money From Mom And DadThe reality is there may not be a lot of money to inherit.
Retirement Myth #1: I Can Wait Until I'm Earning More Money To Save For RetirementThe reality is if you start later in your working career you will need to save more money than if you had started younger.
IRAs: Getting At Your MoneyIt is your money in that IRA. And you can get at it. But you may have to pay a penalty to get at it if you are under 59½.
IRAs: Roth IRAsThe Roth IRA is my favorite of the IRAs. You use after-tax dollars to make your contribution but when you withdraw the funds in retirement, you will not owe income tax on the withdrawals .
IRAs: Spousal IRAsA Spousal IRA is used for an unemployed or underemployed spouse.
IRAs: Rollover IRAsA Rollover IRA allows you to receive distributions from qualified retirement plans such as your 401(k), 403(b), 457. You “roll” the money from one qualified account into another.
IRAs: The Traditional IRAWorkers do not know enough about retirement plans. One of the easiest plans to use is an IRA, an Individual Retirement Arrangement.
The Millionaire Club: Sixty-SomethingRetirement is so close but you have not saved enough and you know unless you win the lottery there will never be a million dollars in your bank account. What are you going to do?
The Millionaire Club: Fifty-SomethingsIf you just celebrated your 50th birthday you don't qualify as a Baby Boomer you belong in the Generation X demographic.

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