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A lot of people nearing their retirement believe that they have everything figured out. However, they find retirement to be very different from what they’d pictured. Here are 5 things that you thought were true about retirement but aren’t.

When you plan to retire matters

Most people believe that they will work until 70 years of age or retire after 65. However, most of the full-time employees leave their jobs before turning 65 due to health issues. Therefore, you won’t necessarily retire at the same age you plan and thus, need to plan that scenario as well.

You know exactly what you’ll do post retirement

Many people choose to stay engaged in the community even after their retirement. Therefore, you can either opt for volunteering or can take up a part-time job to earn some extra cash.

You only need your income

The weak economy and inflation is making things more expensive by the day. Therefore, the belief that one can survive on their income alone is far-reaching. In order to get through your retirement well, you must invest to earn a returns.

You’ll have less expenses

It is common to assume that you’ll have less expenses once you grow older as you anticipate having less bills such as a  mortgage payment. However, retirees are ending up spending more on leisure activities as they have a lot of time on their hands. Some pre-planning needs to be done including prioritizing your expenses.

Insurance will cover everything

Aging can bring a lot of health issues which makes it crucial to be insured. But several issues like dental health and nursing homes are not covered by insurance and can be expensive.

How does new myRA work?

People who haven’t take much for the retirement can opt for a myRA account and start by depositing as little as $25 in the account. You can continue saving a small amount from your paycheck. After a certain amount, you will be required to roll the account over to a traditional IRA.

How can it help?

myRA is a good start for many people but won’t end up helping much as the returns from it aren’t guaranteed. Even the amount that one may earn over a period of time won’t be enough to cover all the years of retirement.

Is traditional IRA just as good?

A traditional IRA requires an annual deposit which can be continued for as long as you want. It also gives a guaranteed and good return that’ll help you sail through your retirement.

Your savings are exempted from tax

The money put into a traditional IRA account is exempted from tax but becomes taxable as soon as you start withdrawing from it. A Roth IRA, on the other hand, will allow you to withdraw money without any taxes.

After Fifty Living™ was founded by Jo-Anne Lema, a genuine Boomer and member of the 50+ generation. As she likes to say, “Our enormous generation is charting new territory – we’re healthier, better educated, and more financially fit than any other generation at this time. And, as we march through history, 110 million strong – unique, new issues are developing. It’s exciting to be a part of the development and growth of This is a historic solution for a historic generation.”

Jo-Anne spent many years in the financial and operations side of higher education after having received a doctorate in education management and administration from Harvard, and an MBA from Southern New Hampshire University. Launching out on her own, though, has been the fulfillment of a life dream. Jo-Anne believes that “AfterFiftyLiving™ will delight its visitors, catalyze its partners, and will significantly benefit those who engage it.”

Residing in New England along with her husband of 35+ years, she never ceases to brag about her two children and 4 grandkids!

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