Financial planning for retirement is not as complicated and confusing as people think. There are a lot of myths out there to avoid, though they might be tempting! Let’s take a look at six common ones that could affect your future success:

MYTH #1: The best retirement account is one that you don’t have to think about.
REALITY: Investors should be involved in their retirement plans.
The best way to invest your retirement account is by being involved with the plan. The laws surrounding these accounts change from time-to-time, requiring investors who aren’t attentive enough could face consequences later down the line
In order to create a successful investment portfolio for those working in or near retirement age – it’s important not only have an idea about what kind of funds would work well but also stay up on all changes that might affect them as they grow older and begin receiving monthly benefits checks from Social Security.

MYTH #2: It’s a misconception that Social Security is not exempt from taxes.
REALITY: For the majority of Americans, Social Security is taxable.
The majority of Americans who receive Social Security benefits pay federal income tax on up to half or 85% because their combined income from Social Security and other sources pushes them above the very low threshold for taxes. In addition, there are 13 states that tax this benefit which can help you limit how much you owe if aware about it!

MYTH #3: Medicare is the best insurance in case of an emergency. It covers just about everything, and it’s free!
REALITY: Medicare is a great way to cover many basic health care needs, but it doesn’t provide everything.
Medicare’s Original Medicare coverage is not comprehensive, so many seniors are surprised to find out that it doesn’t cover their prescriptions. This leaves them vulnerable if they need expensive medication or dental care without also purchasing supplemental insurance for those services as well! In addition, there’s no protection against long-term living costs which can quickly drain your retirement savings accounts should anything happen during old age – leading most people towards additional types of policies like Long Term Care Insurance (which covers needs such cost).

MYTH #4: I’m not sure if this is true but I’ve heard that maximizing your 401(k) contributions can help you retire comfortably.
REALITY: If you are not on track to have enough money in your retirement account by saving for it only through a 401(k), then consider these other options.
A great way is starting an IRA or Roth individual retirement account (IRA). This will give people who work at least 10 hours per week eligibility and allow them certain tax benefits which could be up-to-$2000 every year without paying any taxes!

MYTH #5: As a retiree, you will be able to reduce your taxes in retirement.
REALITY: Adjusting for your taxes can make a world of difference. The new tax laws are complex, but the IRS has an online calculator that will help you figure out if it’s worth getting professional advice or just making educated guesses about what could be done with numbers and figures yourself!
Your AGI is the most important factor in determining how much tax you pay. You can be placed into one of four different brackets based on your income and if any Social Security benefits are taken out for yourself or other people living with them, which will have an impact on what percentage gets taxed at each level (lowest 20%, highest 10%). If there’s not enough room to make it up through higher taxes later down the line – like when someone retires early- they might want consider having lower levels so less goes away entirely during retirement years.

You can’t afford to retire without our help!
We know the retirement landscape is changing and we want you to be prepared for your future. We’ll bust any myths getting in your way, teach how much things cost so that money isn’t an issue when it comes time-to-retire as well as provide resources on planning ahead with investment strategies tailored just right for YOU !!!

If you’re reading this, I’m assuming that the idea of retirement makes your heart flutter. You might be eager to plan for life after work or pay off all those debts so they don’t come back around again in about ten years time when who knows what’ll happen with inflation? But before getting too excited let me tell ya something: if by chance there are some things on your mind concerning finances then listen up because these next few paragraphs may help clear everything up!