Myth 6: My spouse or partner will manage my retirement funds when I die
Not if you haven’t taken the time to draft a will and specifically appoint your spouse as the beneficiary of your retirement funds and other financial assets. Best be prepared, therefore, discuss with a financial planner and decide how you want your assets to be distributed upon your death, and give clear instructions about your funeral and other final requests.
You may want to donate some of your retirement savings or create a funeral trust. Whatever your wishes, express them clearly in a will. Maybe these 10 Most Common Questions About Drafting a Will can help you out.
Myth 7: It’s too early to be thinking about retirement
If you’re a baby boomer or a soon-to-be retiree, you’ve probably dedicated some of your time and efforts to planning for your golden years. But what about those who are part of the younger generations? Millennials, for instance. Should they also plan for retirement? The answer is a big, fat Yes. Just like your nest egg could be if you start saving as early as possible, even if you’re still a few decades away from retirement.
Putting aside a small (or big, if you can afford) amount on a monthly basis, for your retirement fund, can help you benefit from more years of compound interest. Albert Einstein famously said that “compound interest is the most powerful force in the universe.” Whether he did say it or not, one thing’s for sure: time and interest are the keys to a savvy saver and a comfortable life in retirement.
