Here at Annuity Genius, we know just about everything you could ever want to know about annuities. From variable annuities to fixed annuities, Annuity Genius prides itself on being able to consistently identify the most competitive consumer based products in the industry. 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.

We’re shedding some light on two 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.

  1. You need to pay off your debt before you begin saving for retirement. False! 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.
  2. 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.