10 Myths That Could Sink Your Retirement

Another myth regarding children: That you should buy a home with enough space to accommodate your children and grandchildren when they visit. Such wishful thinking (about how often they will visit) is expensive. Should you really add six figures to the cost of your larger home for the two or three weeks a year the family will visit? They have busy lives, with jobs, school and other commitments. Renting them rooms nearby via VRBO, AirBnB and Holiday Inn when they do visit will save you money you can otherwise contribute instead to your grandkids’ 529 plans.

Speaking of how to invest your money for the long term, Smartasset.com recently wrote about how long a portfolio of $1.5 million would last if you took $60,000 annually. If you put it all in fixed income, it would run out after 18 years, adjusting for inflation. A bond portfolio woud probably go for 25 years. But if you got the long term S & P average return in stocks, your $1.5 million would last indefinitely. Of course picking individual stocks is risky, index funds a much better bet.

I moved to be near familly, in this case my sibling. It did not work at all and I am now going to have to move again. Make sure your family is actually who you think they are and you are moving to a place that suits you!

To me, the biggest myth is the one I fell for. To move when you retire. I gave up a perfect location to move somewhere warmer, cheaper, prettier, lower taxes etc etc. I am now spending the rest of my life regretting that decision. I can never move back there because it is now too expensive. I had it all. Walk everywhere, doctors, dentists, world class hospitals a few blocks away. I was near my family. I am heartbroken.

One of the unspoken myths is that you better make all the right decisions quickly before retirement because then you’re stuck, like planting a tree. Yet if I’ve learned one thing it’s that until you ARE planted in the ground it’s not too late to make changes. And don’t let society brand you with an expiration date barcode on your behind. Each time a news segment or “friend” tried to “warn” me of another thing I wouldn’t be able to do after age 65 they’ve been wrong. I wish I would have slapped them right then for scaring me, and me for believing them. There are little solutions out there that incrementally get you closer to your goal, and it’s not a sin to change your mind.

Daryl.....you and the folks like you have a good point. However, from what I have witnessed and experienced.....Moving was very strenuous on our bodies and minds. The healthier you are the better. Our backs (I thought it was my back.....turns out it was my kidneys) are worn out from sports injuries and car accidents, making that process very tiring. Another thing....moving at retirement age allowed us to be active in our new communtity and church while we still had the time and energy. It gave us many opportunities to develop good friendships and experience trips and events we would not have known otherwise.
I never wanted to spend my retirement in the doctors office, but that is exactly what happened to me. At 64, my kidneys quit from a rare blood disease. I've been at more appointments than you can imagine, including chemo and dialysis several times a week. There is light at the end of the tunnel, as I am nearly ready for a transplant! The prayers and the doctors here have been excellent. I am so thankful to be married through all of this, because I wasn't able to drive myself. DH is also a good match for many reasons, including his kidney! We now have even more reasons to cement our relationship! We can't wait to travel again, so we don't totally SINK our retirement!

Looks like you’ve found several solutions that are bringing you closer to your goal of being active and traveling again, the opposite of resigning yourself or giving up. Good for you and best wishes for a speedy recovery!

Thank you, Daryl :-)

Reading these comments has been interesting, you all bring up some great points. The situation that Roberta finds herself in is one of the most poignant. I do have some friends who have moved somewhere warm to retire, and then one person in the couple tends to regret the move. That is hard too. In the case of a single person, presumably the reason they can't move back is because real estate is too expensive. But I wonder if there might be other options to come back, or maybe find another location that is similar. Maybe sharing a house or an apartment with someone. Or renting. Or, buying a home with HECM (reverse mortgage) financing. Her situation does highlight the importance of staying somewhere for a while to test the waters. I do wish her luck and hope her situation improves

Adding to your comment, John, where do you begin to build the human resource list to help you? Especially when you don’t have a support system to help you figure out what you really want and how to get there. Are you really missing family and your old hometown, or are you nostalgic for something familiar and might be happier seeking community and building a new “family” in a nearby location that has the amenities you miss from your past, and still contains all the wonderful things you enjoy in your new location. Is there a shortcut, a true relocation specialist? When first retired I was obsessed with finding a condo near the ocean, but didn’t realize I would actually be happier living near family and visiting the ocean now and then rather than living near the ocean and visiting family now and then.

I'm not sure what the "myth" this situation address -- perhaps thinking that caregiving for elderly parents after retiring is no big deal and will work itself out.
I "retired" in 2014 at 66 and unexpectedly began flying between coasts to help manage Mom's care with frequent procedures, surgeries, rehab stays, and her steadfast desire to remain in a large waterfront condo. Sis (was still working) and I fortunately could tag-team responsibilities, and I could continue my retirement writing pursuits (which luckily I could do anywhere).
But the situation continued years longer than anticipated especially given Mom's serious health issues. Mom died a year ago at 93. Years of extended long-distance travel, caregiving and her home maintenance drained us physically and emotionally. Not to mention the expense. While grateful that we helped her live her last years where and how she wanted, it took a toll. Looking back, we likely wouldn't have done things much differently. For me, this scenario was recently repeated with an extended cross-county stay to help Sis recover from two surgeries she didn't anticipate.
These situations are not uncommon.
The message here is to at least expect and allow for the unexpected with family caregiving, particularly if distance is an issue, and remain flexible about what it may mean for you, and your life, health, finances, and family.

Thank you Jan for this wonderful message. Obviously you sacrificed a great deal in order to help your mother, I bet she was very appreciative. Goes to show that retirement surprises are like being in a fun house - never know what will come around the next corner. As you say, being flexible and positive are the keys to whatever the world throws at you.

Also points out in our lives that it is important to try to take it easy on the next generation or other potential support people. We might really want to stick it out in the old family manse, but it disrupts other people's lives too much it can be a selfish act. If we live long enough, the end will probably not be pretty.