There are a lot of myths, out dated pieces of advice, and general misunderstandings that go along with retirement planning. A lot of people believe a lot of different things about retirement that may or may not have been useful at some point but definitely is not a useful piece of advice anymore. In this article we will be covering some of the more common outdated pieces of advice and myths and what you should be doing in place of that advice. To get a more detailed description of it all, and to get other various tips and tricks with regards to retirement planning, you can go visit https://masteryourmoneynow.com.au.
One of the biggest myths with regards to retirement planning is that you should always invest some amount of your money in stocks as it will pay up over the long terms and you will be able to benefit off of that through your retirement. First of all, the economy and stock market is not what it used to be, especially after the crash of the housing bubble back in 2008. With things so different now, you should get help from a financial advisor before you think about investing in stocks. There are probably a lot safer options for you, and you should take the decision based on what levels of risk you can afford to take, and the timelines in which you can take them in.
Another major myth is that you need to plan for 15 to 20 years post retirement. This is not true anymore as most people live way past this age now. You can easily look at 30 and even 40 years post retirement and you will need your money to last in that case. You absolutely need to save according to higher life expectancies.