Three Common Myths About Planning for Retirement
The thought of retirement tends to bring people peace and hope throughout their entire career. The thought of planning for retirement, on the other hand, tends to be overwhelming. The idea of lining up finances to get you to that point can seem like such a burden. However, we have found over the years that the most common problem that many people face when considering retirement, is they listen to all of the myths floating around out there.
Before you get into the thick of the planning, it is important to first address and debunk a few of these derailing myths.
Planning for Retirement is Complicated
Time and time again people overcomplicate their retirement plans. The truth is, your retirement plan should be simple enough that you completely understand it, and know how to best follow it. Otherwise, there is no way that it could possibly be effective. You are the main focus of your own plan. If your plan is designed to be overly complicated, it will not only be impossible for you to see benefit, but it may also be impossible for you to truly reap the intended benefits.
At Streamline Financial, we make it our mission to ensure that your plan is one that you can follow. We won’t help you to create a plan that only makes sense to us. Instead, we work to simplify the process for you so that you have a clear idea of the direction of your own future.
The Plan Must Be Extensive
Another common misconception that people believe about a retirement plan is that it has to be extensive. Many believe that in order to be prepared, they must dig into the tedious details, know exactly what they will want to spend money on every day for the rest of retirement, and budget for these specific expenses. However, what many don’t realize is a retirement plan does not need to be fifty pages long to be effective. In a sense, we have found that it is much easier to abide by the plan if you keep it short and simple, touching on the important things in a tangible way. In fact, we have found that most effective plans are only one page long.
Your Retirement Plan Has No Room for Change
Lives are constantly changing. Your job may change, your family might change, and your overall retirement plan might change as a result of these other factors. Many people don’t understand that an effective retirement plan leaves room for this change. You are not locked into any restriction set in place. Your retirement plan can shift and grow as you do.
If you are hoping to plan for retirement soon, but feel overwhelmed by the complexity of it all, learn more about our effective one-page retirement plan. We are happy to work with you to debunk the myths and help you to create the retirement plan that works best for your unique lifestyle. Contact Streamline Financial Services today to begin planning for your retirement.