5 Giant Myths Of Retirement Planning

5 Giant Myths Of Retirement Planning


Excerpt:

1. Don’t touch the principal — live off the interest.
2. The more a financial plan weighs, the more valuable it is
3. My life is simple and I have a will — that’s all I need.
4. A surviving spouse will honor the way the deceased spouse managed money.
5. When I retire, I need to dramatically shift my investment portfolio away from stocks and into bonds

Comments:

1. We actually plan to live off the dividend income only + social security. If all goes well, our heirs will have a nice inheritance and/or Christian organizations will benefit
2. Financial planning? I'm the guy ... seat of the pants financial planning but so far it's been going fine for us
3. We need some buttressing here. Today I contacted an attorney to have our wills revisited and to have power of attorney and life directives drafted. Goal is to have done by Christmas
4. Not sure who will go first (or maybe we will go together) but surviving spouse can make whatever adjustments are needed
5. Income securities to me are the key.