Myths & Facts

Myth.  You should always defer taking your social security until full retirement age

Fact: Each person’s situation is different, and there is no correct answer. Health, income, marital status, to name a few, can all influence this decision.


Myth.  High income wage earners cannot contribute to a ROTH IRA

Fact: There are three avenues available: Roth 401k, Whole Life Insurance, Back door IRA


Myth.  Children under the age of 18 cannot contribute to a ROTH IRA

Fact: Any person earning wages under the income limit can contribute to a ROTH


Myth.  You should buy Term life and invest the difference

Fact: Short term planning – YES!
Long term planning – NO!


Myth.  My children will take care of us regardless of our health status

Fact: Your children will do the best they can, however your independence, and their other obligations will hinder that plan.


Myth.  Annuities are a bad investment vehicle. At death the insurance company keeps all the money

Fact: There are many kinds of annuities with many different benefits. Investigate all products to find the one that best benefits you.


Myth.  Required Minimum distributions from IRA’s start at age 70 ½

Fact: The new RMD age is 72


Myth.  At death and passing of an IRA to a non-spouse, the beneficiary can take the RMD over their life expectancy

Fact: It is best to talk to a financial service professional to find out the exact answer of what will happen.