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 (EMAILWIRE.COM, January 19, 2013 ) Bedford, TX -- The falling of the general economy, and the difficulty to gain and maintain enough money to afford proper living on a pension is seeming more difficult for the newer generation of seniors. Even so, many believe they will be able to simply keep their often vague and generalized plan, and still reach their retirement goals. That is simply not the case for many, and what is needed is quality tools in preparing for and creating a retirement plan. SavingTools.com has created an infographic to give interested visitors a list of five of the most important misguided beliefs about the difficulties of saving up for retirement.
The first is believing one can put off his/her retirement plan because one is helping pay for the kids to get through college. Everyone knows that higher education costs money, but so does one's retirement. Higher education provides many avenues for more than just loans, but also grants, which students are not obligated to pay back. By researching and utilizing these tools, one can instead focus funds toward retirement.
Another misstep is the belief that one can live off social security. While perhaps the initial potential of social security was to allow for pensioners to live modestly, that is simply no longer the case. Social Security cannot fund all the potential retirees flooding the feeding pool. The SavingTools' infographic points to a study in 2011 that stated the elderly will be reliant on 70-80% of their working income to live with any comfort.
Another misconception by those not properly saving for retirement is the thought that one can simply keep working. Many who are currently employed will become at risk of having their position diminished or possibly losing their job as he/she ages. Younger individuals can simply do the same job for less. More important, once one loses a job, those of advanced age have a harder time finding work, according to AARP studies.
Believing one has too many auxiliary expenses is often an excuse used. While there certainly are many expenses to handle, by planning ahead one can curtail the necessity of allocating capital to more avenues later on. The infographic from Savingtools.com notes that 25% of medicare participants spend nearly $101,791 for out-of-pocket medical services. That is why planning ahead and saving can be one of the most important things you do.
Finally, an excuse often used is that that with no extra form of income, all expenses must be allocated to necessities. That is where SavingTools.com can help those who feel they have no choice but to dip into the 401k or like savings mechanism. There are ways to avoid pilfering from one's own piggy bank. But one must know how to do so first.
About SavingTools.com
Saving Tools allows visitors to browse and utilize information on the best ways to save money for their future. Gain access to information or receive quotes on everything from mortgage prices to credit car loan payments, today. See their newly released infographic here - http://savingtools.com/tips/5-reasons-seniors-neglect-their-retirement-savings.
SavingTools.com
Customer Service
512 850 4300
news@postpressrelease.com 
Source: EmailWire.com
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