Discussion » Questions » Finance » What are some common misconceptions about retirement planning? ~
Randy D

What are some common misconceptions about retirement planning? ~

Posted - July 7, 2019
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Responses


  • 4624
    That the people who manage superannuation funds will do a good job with your contributions.
      July 7, 2019 7:10 PM MDT
    1

  • 1893
    Most advisors can be trusted
      July 7, 2019 8:47 PM MDT
    2

  • 44603
    Putting away a small amount each month, you will accrue a sufficient amount to retire. ($50 x 12 months x 40 years = $24,000.)
    I did not take into account interest, but with the tiny rates banks pay, you still would not have enough. That would not last me a year.
      July 8, 2019 9:01 AM MDT
    1

  • 1893
    Element I started with a Mutual fund account at $75 a month as a pup.  Over the last 30 years it has morphed into a stock account and I contribute a lot more to it.  It now sits at high 7's.  It also provided me the ability to buy rental property and pay cash for my current housing.

    BTW I have been debt free for over 20 years.  Do not knock savings and investing
      July 10, 2019 2:11 PM MDT
    0