Think you need $1 million to retire? That Medicare covers everything? Or that your expenses will drop after you stop working?

In this episode of the Early Retirement Roadmap Podcast, I bust the top 10 retirement myths—with real data and practical advice. These are the beliefs that could seriously derail your plans and cost you thousands if you fall for them.

We’ll cover myths about:

Retirement savings goals

Taxes in retirement

Social Security and Medicare

Downsizing and expenses

Longevity and lifestyle in retirement

I retired at 55 and have seen firsthand how common these myths are—and how dangerous they can be. Listen now to plan smarter and retire with confidence.

Resources Mentioned: 

📊 Myth #10: Federal Reserve Study reports 5% of households have $1 Million Saved and under 2% have 2 million saved, and median savings: https://www.retirementliving.com/do-you-really-need-1-million-to-retire

📊Myth #9 SmartAssett.com – Is Social Security Income Taxable?: https://smartasset.com/retirement/is-social-security-income-taxable

📊Myth #8: Schroder’s Retirement Study: https://www.schroders.com/en-us/us/institutional/media-center/schroders-retirement-study-finds-inflation-taking-toll-on-retirees/

📊Myth #8 Retirement Researcher, Retirement Spending Smile: https://retirementresearcher.com/retirement-spending-smile/

📊Myth #7: National Council on Aging (NCOA), Social Security Only Replaces 37% of earnings, on average, see: https://www.ncoa.org/article/debunking-the-top-6-financial-myths-about-retirement/ 📊Myth #7: Kiplinger, Average Social Security Benefits in 2025, see: https://www.kiplinger.com/retirement/social-security/how-to-get-the-maximum-social-security-check

📊Myth #7: The Center On Budget and Policy Priorities, average social security income: https://www.cbpp.org/research/social-security/top-ten-facts-about-social-security

📊Myth #6: Kiplinger, regarding social security running out of money: https://www.kiplinger.com/retirement/social-security/when-will-social-security-and-medicare-trust-funds-run-out-of-money

📊 Myth #5: Fidelity, 2023 Estimates of Healthcare Costs Medicare Parts A & B Don’t Cover: https://newsroom.fidelity.com/pressreleases/fidelity--releases-2023-retiree-health-care-cost-estimate--for-the-first-time-in-nearly-a-decade--re/s/b826bf3a-29dc-477c-ad65-3ede88606d1c

📊Myth #4: National Council on Aging – 64 percent of retiree retired sooner than expected, see: https://www.ncoa.org/article/debunking-the-top-6-financial-myths-about-retirement/

📊Myth #3: Merrill Lynch and Age Wave Study – Many retirees don’t downsize as reported by CNBC: https://www.cnbc.com/2021/04/13/op-ed-more-boomers-are-choosing-to-upsize-their-homes-in-retirement.html

📊Myth #2: 1 out of 3 65-year-olds will live until at least age 90 – see: https://www.ncoa.org/article/debunking-the-top-6-financial-myths-about-retirement/

📊Myth #1, People are Happier in Retirement, and not bored, see: https://www.massmutual.com/global/media/shared/doc/2024_massmutual_retirement_happiness_study.pdf

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DISCLAIMER: This podcast is for educational purposes only and reflects my personal experience and research. It is not financial, tax, legal, or investment advice. Always consult with qualified professionals before making major retirement or financial decisions. I am not responsible for any loss or damages resulting from reliance on this information. 

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