A few weeks ago, I shared a few misconceptions about retirement that I commonly hear, along with some thoughts on how advisors could help keep their clients from falling into those traps. Today I’ve got another retirement myth to crack. How many times have you heard a client say some version of the following: “If my spouse dies, my expenses will be reduced by 50%”?
Many times I have had people tell me, “If I am not financially prepared for retirement when the age comes, then I’ll just keep working.”
Close your eyes and picture yourself at age 72. What does your life look like? Do you have grandchildren? Have you moved—maybe downsized or upgraded, or perhaps gone to a new area altogether? Is your social life active? What do you do in your spare time? Now here’s the big question: in your vision of yourself at 72, do you still go to work every day?