Retirement Planning

Retirement Advice That You Shouldn’t Take

If anyone ever tells you to wait to save for retirement, think twice. Here are three pieces of really bad advice we often hear, and why you shouldn't listen to these arguments.

Retirement Advice That You Shouldn’t Take

Do you ever feel that just about everyone has a piece of advice about how to plan and save for the perfect retirement? The fact is, some advice about retirement planning can be beneficial, while others, not so much.

If you’ve been wondering if the retirement advice that’s circling around the water cooler at work is something you should take or leave, then read on. We’re shedding some light on three of the most common misconceptions that many Americans have about saving for retirement so that you can make the best decisions about planning for life after work.

You need to pay off your debt before you begin saving for retirement.

Paying off debt is always a good thing. And with a good budgeting plan, you should be able to pay down your debt and save for retirement. The fact is, while you’re working there are many advantages to making regular contributions to your employer sponsored retirement accounts, including reducing your taxable income, tax deferred growth, and employer matching. And with the time advantage of compounded interest, even the smallest contributions can add up!

Unless you have a good job with benefits, you can’t start saving.

Having an employer that can offer you a 401(k), pension, or other type of retirement savings account is a great way to save for retirement. But if you work for a company that doesn’t offer benefits, you can still start saving. Most all banks and credit unions offer many different types of traditional retirement savings accounts. You can also meet with a financial planner who can help you establish retirement accounts that are suited to your individual needs.

If you’re nearing retirement, it’s too late to start saving.

If you’re behind on building up your nest egg and rounding the retirement corner, don’t think for a minute that it’s too late to start saving. Many Americans who were unable to save due to economic setbacks just need to work a little smarter at getting to where they need to be. This may include working with a financial advisor who can help you devise a more strategic plan on how to go about maxing out your 401(k) plans and making catchup contributions.

For more information on saving for retirement, be sure to visit the Protective Learning Center.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

Planning For Retirement

It seems as though everyone has their own idea of how to plan for retirement and is willing to offer you their advice. Unfortunately, there is a lot of incorrect information floating about planning for retirement and saving for your golden years. This article, we hope to debunk three of the most common misconceptions that people have about planning for retirement. For more information, visit the Protective learning center.

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