It’s Quiz Time!
Check off all the following thoughts/statements that you have made to yourself (this quiz should be fun so, c’mon now, be honest!).
___ “I might run out of money in retirement. I am worried.” (rethink this- click here to learn more)
___ “If I have a heart attack and need a triple bypass, the hospital bills will bankrupt me.” (not true- click here to learn more)
___ “I’m not going to spend any money once I retire unless I absolutely have to.” (rethink this- click here to learn more)
___ “If I end up in a nursing home, I’m going to need a lot of money. It’s expensive! While I’m retired, I better try to save as much money as possible.” (rethink this- click here to learn more)
___ “Who knows how much things will cost in the future? Inflation is going to increase my cost of living significantly as I get older.” (rethink this- click here to learn more)
___ “What if the economy goes into a recession? My investments would tank, and I’d be put in a very tough spot.” (rethink this- click here to learn more)
___ “Retirement is going to be tough. I better get ready to live a much ‘smaller’ lifestyle.” (rethink this- click here to learn more)
___ “Once I retire, I need to make sure my money is safe. I can’t afford to lose anything. I better put all the money into accounts that are guaranteed and insured.” (rethink this- click here for more)
___ “I don’t trust the government and I think they might take away my Social Security.” (rethink this- click here for more)
___ “The guy on TV says that the stock market might crash, and now I’m second-guessing my entire retirement strategy.” (ignore him- click here to learn more)
Total Boxes Checked:
0-2 Wow! You are in the minority. You should be proud of yourself. You have very few misconceptions about your retired years. You are set up to live your best retirement!
3-5 Not bad. You better be careful, though. If you don’t clean up some of these very common misconceptions, you could end up worrying about things you don’t need to worry about. And, just as bad, you might not get to enjoy any of the money you’ve saved your entire life for retirement.
6-10 Warning! You are in serious danger of sabotaging your own retirement. I would strongly encourage you to review some of the articles linked above. But for now, let’s quickly reorient your thinking.
Social Security is not going broke.
Inflation is not going to bankrupt you.
Medicare covers more than you realize.
Your savings may go further than you think.
You don’t need a million dollars to retire.
If you didn’t “pass” this quiz, don’t feel bad. The vast majority of Baby Boomers have their heads filled with faulty thoughts like those you see above.
But I have great news! Once you get all the facts and do some planning:
Maybe you can start spending more money earlier in your retirement.
Make responsible and smart choices that bring you relief and joy.
Have FUN. You’ve earned it. You deserve it.
Dave Kennon, Kennon Financial