We all want to make sure that our retirement is secure. As a result, some people put out information that’s simply not true in order to make you choose their financial planning services. As with anything involving your money, you need to be on the lookout for any misleading rumors and myths that may be floating around. In today’s post, the financial advisor at John S. Curtin, CPA Chartered wants to bust some of the most common myths about how to go about have a secure retirement:

  1. You should only invest up to your 401(k) match – This isn’t the time to settle. Investing only up to your 401(k) match is not enough. Instead, work with a financial advisor to find out how much you should be investing. For most people, a good rule of thumb is that you should contribute at least 15 percent of your income towards your retirement.
  2. Medicare is enough to cover all your medical expenses – Don’t be fooled by people who tell you that Medicare will cover all of your medical expenses after you retire. In fact, Medicare doesn’t cover deductibles, co-pays, or care lasting over 100 days. Supplemental policies may be purchased to cover some of these things, including prescriptions.
  3. You’ll be able to work as long as you want – This is a very risky plan. Life has unexpected twists and turns. Relying on the hope that you’ll be able-bodied and able to work throughout your golden years is like playing the lottery.
  4. You can live off your Social Security income – Studies show that Social Security benefits comprise only 34 percent of the income of those who are retired. You’ll also need to supplement your income with savings, work, or family assistance.
  5. You missed the boat on saving for retirement – It’s never too late to save for retirement. Talk to us about how to start today and about better ways to save for your retirement.

Call the office of John S. Curtin, CPA Chartered to schedule a consultation in Ellicott City, Maryland. An accountant can help you get all your financial plans in order so you can have the bright future you deserve.



John S. Curtin, CPA Chartered provides tax preparation services for individuals and businesses, plus accounting and bookkeeping services. Contact us to schedule an appointment at our Ellicott City, MD office.