Some retirement myths to bust & award winning honors💥💥
In this issue, we’ll talk about retirement myths that EVERYONE needs to know and give an update on student loans.
The Wealth Minute
Retirement Myths Unfolded
So many times I see people making decisions based on what they "think" they understand.
Misinformation is rampant...especially as it relates to retirement.
The key is to do your own research, devise a plan and execute that plan.
Remember that ideally your plan should be devised at least five years before you plan to retire. The sweet spot for retirement planning and execution is the five years prior to retirement and the first five years of retirement.
Here are a few myths that may be holding you back from getting you ready:
“Social Security Will Be Enough.” Social Security will only replace about 40% of pre-retirement income, and for higher earners, the percentage is even lower. Tax free investing should be a critical part of your planning.
“I Can Work as Long as I Want.” Health issues, job loss, or caregiving responsibilities could force early retirement. It’s wise to prepare financially as if you may need to retire earlier than planned.
“I Won’t Spend Much in Retirement.” While some expenses may decrease (e.g., commuting or work-related costs), others—like healthcare, travel, and leisure activities — often increase. Unexpected medical expenses alone can be a major burden. Budgeting realistically helps avoid financial stress.
Need more?? Click here for Kiplinger's list.
NOTE: I don't agree with a portion of #4. What are your thoughts on the suggestions?
Wealth Move
Take my list and Kiplinger's list and make your own list. Choose at least one myth to "bust" this quarter. Feel free to share your action.
Make a list of all your accounts. How many are tax free? Consider adding tax free conversion to your list of things to incorporate
The Freedom Path
Student Loan Uncertainty Continue
If you have student loans, please pay close attention to the changes that are taking place almost daily.
The Trump Administration is currently attempting to move the management of student loans from the Department of Education to the Small Business Administration.
This article has the latest information on the issue.
There is still no date for when income certification will be accepted.
My recommendation is to stay in a state of readiness.
Wealth Move
Student Loan Uncertainty Continue
If you have student loans, please pay close attention to the changes that are taking place almost daily.
The Trump Administration is currently attempting to move the management of student loans from the Department of Education to the Small Business Administration.
This article has the latest information on the issue.
There is still no date for when income certification will be accepted.
My recommendation is to stay in a state of readiness.
Book of The Month
The March 2025 book of the month is "The Richest Man In Babylon by George S. Clason.
I read this book every year. It was originally written in 1926 and is STILL RELEVANT.
The edition I'm giving is the updated version to making it easier to understand.
Take notes and implement what you learn.
Coffee Chat Question
If we were to meet for coffee, what would you want to know?
Feel free to email me questions that will anonymously be added to this section during each edition.
“We have PMI on our mortgage. What is that?”
This question was asked of me by a woman I met in the airport earlier this week.
Fortunately for her (and you), I have an entire web page dedicated to explaining what Private Mortgage Insurance (PMI) is and why it's not designed to benefit you.
If you are looking to make sure your family can stay in your home if something happens to you, Mortgage Protection Insurance (MPI) is the appropriate product.
Click here to learn about the two and what they mean for you and your family.
I hope that helps.
Top Producer Status!
Thank you to all of my amazing clients!
Helping them achieve their financial goals last year caused me to reach the top 5 in two different categories during our annual awards banquet.
Me winning means they are winning. That's what makes what I do so fulfilling...helping others win with money.
