When many people think about retirement, they think about different things all at once. For some, it’s a chance to explore some of the things they held back on during their active work years. And for others, it’s a stage of life that they’ve looked forward to in their younger years that’s finally dawned on them.
Whichever way you choose to view retirement, there are common myths that travel far and wide and people hold in esteem.
In this post, we’ll address a few of these myths. Here are five common myths about retirement and why they are just myths – not facts.
1. No more work during retirement
Just because you are on the verge of retirement does not mean you will automatically stop all forms of work. While you may no longer be in employment for full-time jobs, there are quite a number of jobs that you can still do.
These jobs can also be financially and mentally rewarding for you. Great opportunities abound in entrepreneurship and freelancing that you can take advantage of during your retirement.
2. You’ve saved a lot of money so your retirement is secure
This is a common myth about retirement that travels far and wide. In fact, it is said so many times for people to actually consider it as – well – a fact. But it is not.
While saving a lot of money is critical to a stable and comfortable life during retirement, it is not the sole determinant of a secure retirement plan. You will still need to be mindful of your major lifestyle decisions.
3. Retirement means fewer expenses
This couldn’t be farther from the truth. Your expenses won’t magically drop because of retirement. You will have more time to fulfil some of the dreams that you’ve put on hold during your active work years during retirement. Certainly, this will amount to a lot of expenses than you could have possibly imagined hitherto.
4. There’s still a lot of time
Sometimes, this myth presents itself as a fact. However, the reality is that it is still a myth. It’s not uncommon to see people think that retirement is still a long time from now, so they have more than enough time to continue working before they start saving up for retirement.
This mentality is deceptive because retirement does not just happen voluntarily. Sometimes, circumstances change and retirement becomes mandatory.
5. There’s an ideal time to start saving for retirement
This is a retirement myth that may appear as a fact to some people. However, it is still a myth that should not be taken seriously. Waiting for the ideal time to start saving for retirement is detrimental. In the same vein, thinking that you’ve passed the ideal time to start saving for retirement is not helpful. Saving for retirement at any time will always be good.
This is why your transfer to a Pension Fund Administrator (PFA) that wants you to have a joyous retirement should be on your priority list. For more information on how to transfer your Retirement Savings Account (RSA) pension fund to Oak Pensions, call the Marketing Manager on 09087448661 or send an email to info@oakpensions.com.