Breaking Down 6 Common Retirement Planning Myths

What do you need to know about retirement planning? Learn about mistakes to avoid by reading our breakdown of 6 common retirement planning myths.

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(Image credit: Amerprise)

Here are six common retirement myths dispelled:

Myth #1: I don’t need to revisit my withdrawal rate

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Consider these solutions:
Medicare supplement insurance (Medigap)Medicare Advantage plansLiving benefits riderHybrid policies
From a private issuer From private companies that contract with Medicare Part of a life insurance policy or annuity contract Combines life insurance with long-term care benefits
Can help fund remaining copayments, coinsurance and deductiblesCan provide all your Part A and B benefits (excluding hospice); many plans also offer prescription drug coverageCan enable you to advance part of the policy benefit to pay for expenses if you’re diagnosed with a life-threatening illnessMay help you pay for the costs of a nursing home, assisted living or in-home care; can be more affordable than traditional long-term care policies

Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consult your tax adviser or attorney regarding your specific situation.

Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

Ameriprise Financial Services, LLC. Member FINRA and SIPC.

© 2023 Ameriprise Financial, Inc. All rights reserved.

This content was provided by Ameriprise. Kiplinger is not affiliated with and does not endorse the company or products mentioned above.

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