9 Retirement Myths Debunked- #1

On average, 1,250 Canadians turn 65 years old every single day. Most Boomers were born between 1961 -1965. That’s why you feel everyone has been turning 50. And people are living longer, much longer. With all of this happening, it’s a small wonder that the media, politicians, and the financial services business are all talking about retirement. That kind of focus may be good, because of what it means for savings habits and pressures on goods and services. There are a lot of myths we have to be wary of if we want to ensure we have an adequate retirement income that lasts a lifetime.

What you need to know
Myth #1 – Retirement planning is just for older people
The definition of retirement is changing and even though it may seem like a long way off, use that to your advantage. Much like dieting and exercising, starting a plan and sticking to said plan are the hard parts.
Every little bit of savings helps and will make it easier if you start early enough. Harness the power of compound interest where planning and saving a little now on a regular basis can let money work for you: 24 hours a day, seven days a week…for decades. Your money seems to grow slowly at first then starts to balloon as you get older, even if you put in the same amount of money.
Every year you delay means you’ll need to save more money and perhaps take on more investment risk in order to reach your goals.