This is Optimal Finance Daily, Episode 2150, five personal finance myths that could ruin

your retirement by Kaelin Bruce of MoneyMiniBlog.com, and on your host and personal finance enthusiasts

Diana Mariam, we're going to get right to today's post and continue optimizing your life.

Five personal finance myths that could ruin your retirement by Kaelin Bruce of MoneyMini

Blog.com.

In theory, reaching retirement age shouldn't be a cause of concern.

After working for decades paying your taxes and saving money, you should finally be able

to enjoy the fruits of your labor and take advantage of all the free time you have for

friends, hobbies and family.

However, the reality isn't nearly as charming.

For most Americans, the prospect of retirement is a cause of stress and anxiety, both medically

and financially.

According to recent studies, only 17% of Americans believe they have enough money saved

for retirement, and 10% have a written plan for retirement.

Additionally, one quarter of all retirees have an average annual income of less than $25,000.

These bleak figures don't necessarily indicate that the average American doesn't try to prepare

for retirement.

On the contrary, more and more people in the US are trying to save for when they're older,

but they do it based on myths that do more harm than good.

Myth number one, a high paycheck equals guaranteed savings.

When you advance in your career, it's normal to want to earn more in order to secure your

financial future.

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