After many years as a financial advisor, one of the biggest myths out there is that most people believe that they have to keep their money in the stock market and endure all of the volatility (i.e., the stomach churning roller coaster ride) in order to make money for retirement. Most people are not aware of a new generation of products & accounts that completely protect their money from all market losses, as they would get the majority of the gains when the markets go up, but do not get any of the losses when the markets go down.

Another myth is that people hear or read that they need a certain amount in their portfolio that magic round number (i.e., $1 million, $ 2 million, etc.) in order to have a successful retirement.

This misconception has a couple of issues. One is that there are many factors that need to be taken into consideration with a certain number goal. The quality of life needed (i.e., can they budget or not), the level of debt, and assumed rate of returns on investments, inflation. previous pensions, and the amount of Social Security for the household. Some retirees can get by on very little, others need much more. Secondly, what is their amount of regular monthly income? Is it sufficient to take care of the monthly bills. Sometimes a person with relatively modest means but has a good pension (i.e., a Federal employee, law enforcement, or a teacher, etc.,) and may feel more financially secure than someone worth millions.