Retired in America

Your Guide to a Confident Retirement

  • Home
  • Personal finance
  • Retirement Life
  • Saving & Spending

10 Dangerous Myths That Could Leave You Broke in Retirement

December 11, 2020 · Retirement Life

Myth 8: I Have other financial priorities

There will always be other things that require immediate attention. Or so you think. In truth, your future, which includes retirement, should be your top priority.  Buying a new car, paying off student loans and credit card debt should not stand in the way of you making contributions for your retirement, no matter how small. That small amount will mean a lot more in the future.

Remember that retirement funds are tax-deferred, therefore the money you put into those savings accounts is not subject to income taxes. On that note, check out these 14 States Where Your Pension Won’t Get Taxed either.

Myth 9: Social Security can cover my expenses

For years, a part of your paycheck has been withheld for Social Security benefits, something you will be able to collect once you retire. Depending on when you decide to leave the workforce, either earlier or when you reach your full retirement age, you will receive a certain amount on a monthly basis. Or so is the plan.

Unfortunately, according to several government studies and reports, Social Security reserves may run dry by 2035. A longer life expectancy, a higher number of retirees and a smaller working-age population are among the factors that financial experts mention as a potential cause

Related: 26 States That Do Not Tax Your Social Security Benefits.

Pages: 1 2 3 4 5 6

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • A senior woman walks her dog safely at dusk through a well-lit, peaceful suburban neighborhood with glowing street lamps. America's Safest Towns To Retire To, Ranked By Crime Rates
  • A collage showing a 'Perfect Retirement' blueprint peeling back to reveal complex financial ledgers and medical charts underneath. 8 Retirement Plans That Sound Good But Rarely Work Out
  • A panoramic sunrise view of a misty Pacific Northwest coastline with evergreen forests and distant snow-capped mountains. 12 Most Beautiful Retirement Destinations in the Pacific Northwest
  • A retired couple in hiking gear stands on a rocky mountain overlook, gazing at a vast valley with a winding river and snow-capped peaks. 12 Best States in America for Retirees Who Love the Outdoors
  • A man in his 60s working in his sunlit woodshop, representing the active and purposeful nature of unretiring. 8 Honest Reasons Why Some Retirees Are Going Back to Work in 2026
  • A retired couple stands in their empty, sunlit living room next to a moving box, looking out at a sold sign in the yard. 8 Reasons Retirees Regret Moving Too Close To Family
  • An active retired couple dancing at an outdoor community concert in a charming town square during a golden sunset. 7 Retirement Towns With The Best Free Community Events Year Round
  • A retired couple enjoying coffee in their bright, modern, and uncluttered downsized kitchen with soft morning light. 8 Monthly Bills Retirees Successfully Cut After Downsizing
  • A sunlit porch featuring a telescope, an art easel, a flight bag, and a basket of vegetables, overlooking a green valley. 8 Retirement Communities Built Around Unusual Hobbies
  • A silver motorhome parked on a scenic desert ridge at sunset, overlooking a vast canyon under a purple and orange sky. 8 Retirement Destinations Perfect For RV Lovers

Newsletter

Get retirement planning tips, savings strategies, and lifestyle insights delivered to your inbox.

Related Articles

5 Pros & Cons for Claiming Social Security Early

4. You Know Your Way Around Investing Much like in our earlier tip, putting your…

Read More →

13 Things Worth-Knowing if You Buy a House After 50

Retirement can be an amazing time, where you finally get to feel that peace and…

Read More →
Happy seniors couple in front of their new home

The Most Desired Places to Retire in USA

Females consider West and abroad for retirement Most women respondents, over 50%, chose foreign countries…

Read More →

22 Ways to Live a Comfortable Retirement on Social Security Alone

Pay off your debt If retirement is getting closer and closer but your debts are…

Read More →

Key Things Retirees Wish They Could Tell Their Younger Selves

We cannot go back in time and do things differently, no matter how much we’d…

Read More →

U.S. Cities Where It’s Possible to Retire by 40

If you’re dreaming of retiring early and spend the rest of your life in a…

Read More →

There’s How Retirees Can Explore The World Without Leaving Their Sofas

You can still visit museums and marvel at their great works of art, tour historical…

Read More →
A mature couple looking thoughtfully at a sunset over the ocean, representing the transition into retirement.

20 Moments When We All Lie to Ourselves About Retirement

Discover the 20 most common lies we tell ourselves about retirement and learn how to…

Read More →

30 Cities in USA Way Too Expensive for Retirees

Discover why relocating to these 30 expensive U.S. cities can rapidly drain your retirement savings,…

Read More →
Retired in America

Your Guide to a Confident Retirement

Inedit Agency S.R.L.
Bucharest, Romania

contact@retiredinamerica.com

Trust & Legal

About Us

Editorial Policy

Advertiser Disclosure

Frequently Asked Questions

Contact Us

Disclaimer

Terms and Conditions

Privacy Policy

Subscribe

Unsubscribe

Categories

  • Personal finance
  • Retirement Life
  • Saving & Spending

© 2026 Retired in America. All rights reserved.