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Your email address will not be published.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 man sits at a wooden table reviewing a Social Security Administration statement with a pen and notebook. Why So Few Retirees Qualify for Social Security’s Biggest Possible Monthly Check
  • A woman reviews a retirement planning calendar and binder at a sunlit wooden table near a window. Key Retirement Milestone Ages Most People Miss
  • Mature couple sitting at a wooden kitchen table reviewing a calendar and open notebook with a cup of coffee. The Average Social Security Check by Age
  • 8 Medicare Billing Errors Worth Appealing 8 Medicare Billing Errors Worth Appealing
  • An older couple reviews Medicare paperwork at their kitchen table in warm morning light. 9 Medicare Rules Around Second Opinions
  • An older woman looks over healthcare paperwork at her kitchen table under warm light, looking concerned. 7 Signs Your Medicare Advantage Plan Restricts Specialist Access
  • An older woman practices balance therapy with a physical therapist in a bright, sunlit rehabilitation room. 8 Medicare Rules for Skilled Nursing Facility Stays
  • An older couple sitting at a wooden kitchen table reviewing Medicare booklets together in warm morning light. 9 Signs You Should Compare Medicare Plans This Fall
  • An older couple in their home kitchen reviewing Medicare documents next to a CPAP medical device on the table. 7 Medicare Coverage Rules for Durable Medical Equipment
  • An older man at a wooden kitchen table reviews a long pharmacy receipt next to a prescription bottle in warm morning light. 8 Signs Your Medicare Plan's Drug Formulary Has Changed

Newsletter

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

Related Articles

6 Things that Might Happen to Social Security if Trump Gets Reelected

SSDI beneficiaries may be subject to further investigation According to a recent proposal made by…

Read More →

Reasons You’ll Regret an RV in Retirement

Health Care Can Be a Hassle RV life is not only about beautiful sceneries and…

Read More →

10 Secrets Elderly Parents Are Hiding From Their Families

Frivolous Spending – Or, on the other hand, there are seniors who can’t stop spending their…

Read More →

10 Ways To Make the Most Out of Life as a Retiree

Stay at home No, we don’t mean to stay at home and sit in front…

Read More →

5 Signs You’re Emotionally Ready for Retirement

How will I fill my time? – We rarely comprehend the amount of free time we…

Read More →
A senior woman at a kitchen table checking a circled date on her calendar next to a laptop.

Update: Social Security Is Changing How Millions Get Paid – Here’s What to Know

Learn how the Social Security payment schedule works, how recent digital security updates affect your…

Read More →

10 Ways These 3 Virtual Assistants Can Improve the Lives of Seniors

APPOINTMENT SCHEDULING Apart from medicine scheduling, all voice-activated assistants can help elderly people manage their…

Read More →
A senior man at a kitchen table early in the morning, looking at a laptop with a financial graph, representing proactive retirement planning

Social Security’s 2027 COLA Forecast Just Changed – Here’s What Retirees Should Know

The 2027 Social Security COLA forecast has shifted. Learn how changing inflation metrics impact your…

Read More →

10 Best States for Retirees to Settle Down

4. Iowa Cedar Rapids and Iowa City are two perfect cities to settle down for…

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.