Ep #2 – 5 Financial Myths That Need to Be Busted
When it comes to retirement planning, there are some widely believed financials myths that you’ve likely heard. Today we’ll look at some of those and try to bust them wide open. The scary thing is that a lot of people base their financial plans on some of these myths. Don’t be like that.
Click the timestamps below to skip around to specific topics in the episode.
The Reality of the Matter:
Let’s talk for a minute about financial myths. In an age where all types of information is available online, it can be difficult to decipher what’s right and wrong.
Because of that, there are some myths floating around that have become common-believed in retirement planning. They seem to make sense on the surface but basing your strategy on these myths can lead you astray.
On today’s episode of the Retirement Reality podcast, Mike Kojonen will tackle five different financial myths and explain why each isn’t completely true. Here they are:
- Shifting from stocks to bonds removes the volatility.
- Once you’re retired, life insurance is no longer necessary.
- You’ll need less income in retirement than when you’re working.
- You will be in a lower tax bracket once you retire.
- Financial planning today is easy to do by yourself now because there’s so much info available.
Make sure you aren’t basing your financial plans on any of these until you listen to this episode.
We’ll also get to know Mike a little more by finding out who’s the person that can always make him laugh.
Just The Facts:
[2:22] – Getting to know Mike: Who is somebody that always makes you laugh?
[4:25] – Beginning our discussion on the biggest financial myths.
[4:49] – Myth 1: Shifting from stocks to bonds removes the volatility.
[6:42] – Myth 2: Once you’re retired, life insurance is no longer necessary.
[7:43] – Myth 3: You’ll need less income in retirement than when you’re working.
[9:43] – Myth 4: You will be in a lower tax bracket once you retire.
[10:55] – Myth 5: Financial planning today is easy to do by yourself now because there’s so much info available.
[13:08] – One final myth that Mike hears a lot.
[15:17] – Some people are so hard on themselves when planning for retirement.