Retirement was an idea that came about during the Great Depression as a means of providing jobs for younger individuals with families to support. However, this idea has developed a much different meaning as the economy itself has developed. In 2008 when the recession came about, less and less people were able to retire, creating the “retirement crisis” that we’re still currently experiencing. During this “retirement crisis”, a variety of myths and misconceptions have been voiced. The experts at Annuity Genius are here to set the record straight.

The first misconception and myth that we’re going to bust is that retirement should happen at the age of 65. As we mentioned before, this age came about based off an economy where jobs were at a low and elders were able to provide for themselves based off of the cost of living. Times have raised the cost of living, and it’s a lot harder to save for the comfortable lifestyle that so many expect with retirement.

Another misconception is that having to push back your retirement date is a bad thing. Working is good for us, it gives us a purpose which contributes a lot to our identity and happiness, as surprising as that seems. Most elderly have gone into states of depression after retiring because of the lack of purpose they feel, so working a few more years doesn’t have to be a negative thing.

The last myth that we’re going to set straight is that saving isn’t a necessity. Saving is in fact, the prime reason that you will ever be able to retire! There are quite a bit of individuals that believe that they can rely on disability, unemployment and social security for their retirement funds and, because of that, have little to no savings. That isn’t the case. Retirement will always require some form of saving.

Annuity Genius is a team of experts that are ready to help you plan for your future. Visit us today and speak with one of our experts. We can help distinguish the goals that you need for your retirement as well as determine which type of annuity product will be most beneficial for you down the road. Call us today to schedule an appointment!