These 7 Retirement Myths Are Quietly Wrecking People’s Plans
Retirement isn't always all it's cracked up to be.
gradyreese | Canva Retirement is socially projected as relaxation and freedom, the ultimate reward after working your entire life. But this picture-perfect image of retirement life is not what it seems in reality. Retirement undoubtedly has some benefits, but nobody is dispelling the myths.
The reality of retirement is much bleaker than most people want to face because we like fairytales. "Retirement is a trap. Our relentless pursuit of retirement security in the future comes at the expense of living fully today," said international best-selling author Ernie J. Zeli. Life is not a fairy tale, and it will disappoint you. The truth will initially hurt, but it will help you change your life to avoid the trap of retirement's rigged game.
Here are 7 retirement myths that are quietly wrecking people’s plans:
1. You will live the retirement dream you planned
Kzenon | Shutterstock
Society paints retirement as a time of relaxation and leisure. Because of the mainstream narrative, we believe retirement will bring us freedom without the burden of work. However, the reality of retirement can be quite different from this idealized image. Many retirees face financial struggles, healthcare expenses, and loneliness.
The promise of carefree days often gives way to the harsh realities of aging, like health issues and financial insecurity. This is not necessarily the reality for all, but let's face it, when you get older, you will encounter health problems and increasing medication costs.
"One day, you will wake up, and there won't be any more time to do the things you've always wanted. Do it now" — Paulo Coelho
2. You'll retire at the age you always expected
Jacob Lund | Shutterstock
The age you can retire and claim full benefits keeps increasing and forces people to work longer than anticipated. The retirement age is constantly growing in most countries, undermining the promise of freedom and leisure in later years. It's as if society has built an inflation-like wage trap to extract every hour of labor from its population. It seems harsh, but you know that social security is nonsense.
3. All that free time will make you happier
CarlosBarquero | Shutterstock
The most rewarding aspect of everybody's retirement is finally getting out of the daily grind of work life. People often dream of finally pursuing their hobbies, traveling, and simply relaxing without being constantly hassled by their employers. This is a myth. I know people who always wanted to travel when they retired, but their lack of energy, money problems, and health issues stopped them from pursuing that dream.
There are other aspects like psychological impact:
- Lack of structure — We are creatures of habit and usually have a structured schedule. Retirement removes this framework, and many people feel disoriented and lack purpose.
- Identity loss — For many people, their jobs are essential to creating their identity. Without work responsibilities, people question their value.
Another aspect is that Social Security is frequently less than the minimum wage, regardless of where you live. Typically, a pension is insufficient to ensure a decent retirement. In other words, you cannot and should not rely on Social Security because it will be too late to change once you reach retirement age.
4. You'll finally feel like all your hard work paid off
Gorodenkoff | Shutterstock
The idea of working hard now to enjoy retirement later can be highly misleading. Many people sacrifice their health, happiness, and relationships to pursue a distant retirement dream, only to realize too late that true fulfillment cannot be postponed indefinitely.
Two of my friends' fathers died within a year after reaching retirement age. Neither of them had a chance to explore the dream they had been chasing their entire lives. Are you willing to take the risk and work hard your entire life so you can relax and enjoy life when you're older? And what if you do not make it to retirement?
5. Your savings will be there when you need it
Jacob Lund | Shutterstock
The financial industry frequently offers retirement planning products and services, claiming to provide a worry-free future. However, hidden fees, market volatility, and deceptive promises can trap people in a cycle of financial dependency. For example, every bank tells us the stock market will rise by roughly 7% every year based on historical trends. And this is a myth. a 2021 Journal of Public Affairs study showed the stock market during the pandemic did not grow by 7%, and there is similar market volatility during times of war.
6. Your social security will provide a cushion for you to fall back on
Ground Picture | Shutterstock
For many, the idea that Social Security will provide a comfortable retirement is another fiction that governments and financial institutions have propagated. The truth is, social security payments are not guaranteed, and there are ongoing concerns about the program's long-term viability. The promises of security and support are frequently broken when retirees need them the most, leaving many feeling betrayed and abandoned by the system they have paid into for years.
I have never met somebody satisfied with their pension. Every generation seems to get less than what they deserve. This explains why the wage trap works so brilliantly. Older people are busy trying to survive, while younger generations deal with other life challenges. Nobody stands up.
7. You'll never have to work again
Kzenon | Shutterstock
Most people believe they will finally be able to quit their jobs. But this is not a reality due to the constantly increasing costs of living, inflation, and the growing costs of health and medication. As I mentioned before, Social Security will only cover basic costs of living. If you do not have enough savings or income, you will be forced to rejoin the workforce. That can be problematic, though, because of the rapidly shifting job market and ageism.
Jerry Keszka is a writer and solopreneur. A 2x top writer on Medium in Entrepreneurship and Productivity, he guides people to live on their terms and avoid traps of predesigned life.
