GoBankingRates: “The Big Retirement Myth That Could Ruin Your Plans”

Sept. 22, 2025, GoBankingRates.com — In today’s article by Chris Adam, he writes: “According to Maurie Backman from The Motley Fool, the big retirement myth that can be harmful is assuming you’ll have time to catch up with retirement savings. Backman said it’s a myth that many workers tell themselves at various points in their careers.”

What might this look like in real life? Perhaps it means neglecting IRAs and 401(k) plans in the early years of working because someone thinks they’ll be able to catch up later.

Missing Out on Money: The obvious first issue is a worker never knows if their career might end up getting cut short for health issues, industry shakeups or other reasons. Additionally, starting later with saving probably means years of missed gains and compounded returns.

“It can be dangerous to assume you can just work longer,” said Marguerita Cheng, certified financial planner (CFP) and CEO of Blue Ocean Global Wealth. “Sometimes there are circumstances beyond our control, such as job loss, illness, divorce or loss of a loved one.”

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