Saturday, October 4, 2014

7 Retirement Myths

Gary North sends out in his Tip of the Week:
Gary North's Tip of the Week - 7 Retirement Myths

The Bankrate site provided a very useful collection of snippets on 7 myths of
retirement. I could add more, but these will get you going.

The main point is this: millions of Americans have blindly assumed that
there will be money for their retirement. Even with the subsidy of Medicare
-- $1,000 a month, on average -- there won't be retirement money if you live to
85 or more, and you retire at 62, as most Americans do, according to the latest
Gallup poll.

Americans are living longer. People don't factor this in.

They go by the average age of death for American men: 79. But they forget: this
is based on infant mortality. The average is 79 at birth.

If they used a life expectancy calculator, they would discover the truth:
they will probably live a lot longer than 79.

How about you? Start here. Use more than one calculator.

The time to recognize this is when you are 30, not 63.

Gary "Still Working" North

1 comment:

  1. Medicare doesn't offer a $1000/mo subsidy. Medicare pays 80% of the approved amount for medical claims (basically.) He probably meant Social Security.