As baby boomers continue to retire, more and more financial planners will be dealing with clients in the distribution phase of their financial lives. In previous articles, I talked about what kind of investment misconceptions retirees are walking into retirement with—how they believe they will be able to live off interest without touching principal, and that dividend-paying stocks can replace bonds.

In this article, I’ll highlight some myths about things besides investing.

Myth: In Retirement, I’ll Be Able To Relax And Not Worry About Saving

After a lifetime of squirreling away money and delaying gratification, many retirees still fret about their spending. In some cases, they worry more as retirees than they did when they were in the workforce.

When people work, they get a paycheck as long as they show up on time and do a decent job. Usually, that feels like a dynamic they can control. Many of the vagaries of financial markets don’t bother workers much because their paychecks keep coming.

But in retirement, economic, political and financial market gyrations are suddenly a great cause of anxiety. Good advisors must offer perspective to retirees to keep them from worrying themselves and making bad decisions.

Moreover, retirees are forced to make puzzling and distressing decisions: Which accounts do they pull from first? How long will they live? Will their pension remain solvent? Will Social Security be altered? Will they need significant health care or long-term care? Will family members need some financial help?

Retirement well managed can lower a person’s stress, but it takes planning and perspective, and the advisor must offer a different skill set than he or she does in the investment years leading up to retirement.

Myth: My Kids Will Be Off ‘The Payroll’

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