13 Money Lies You Should Stop Telling Yourself By Age 40

Lies - Adult 40s woman
By Mandi Woodruff

Though most of today's workers have already accepted the fact that they'll work well past the age of 65, there's just something about that number -- 65 -- that still feels like an unofficial finish line. And by 40, the pressure really starts to hit home.

Half of workers said they aren't prepared for retirement in a 2013 Employee Benefit Research Institute report. Less than 20 years ago, that figure was only 27%.

Who can blame them? We're barely over the recession and many Americans are in more debt and earning less than ever, while fixed costs like health care, housing, and college education only get higher.

To make matters worse, our own mindsets about growing old could be sabotaging our efforts to live well later in life. With the help of several experts, we've rounded up some of the most damaging money lies people tell themselves on the road to retirement.

More from Business Insider:

The 10 Best Cities For New College Graduates

Roth 401(k) vs Traditional 401(k): Which Retirement Plan Is Better?

21 Clever Uses For Household Items

Increase your money and finance knowledge from home

Managing your Portfolio

Keeping your portfolio and financial life fit!

View Course »

Economics 101

Intro to economics. But fun.

View Course »

Add a Comment

*0 / 3000 Character Maximum


Filter by:
Veri Dong

Listen, if you're not prepared for retirement, it's nobody's fault but your own!

Life will always have the makers and the takers. The makers will usually work hard and live reasonably within their means. The takers will usually not put the effort in and blame others for their "unfair bad luck", then want the makers to pay for them in the name of "fairness". The simple truth is everyone has a choice and if you choose to live below your means and save you will save. Period.

Most will say they can't live below their means because ..(insert excuse here). How many of these people that simply can't save anything have I phones, computers, WIFI, new cars, big screen TV's with cable, eat out all the time, etc.

Of course they look at me like I'm crazy when I suggest they cut a $100+ a month cable bill. Or drive a car that is 3 years old. Or only fill up their tank from the cheapest place according to GasBuddy. Or get $25/month budget car insurance from 4AutoInsuranceQuote. Or cook their own food instead of spending a hundred a week on restaurant food (or far more if they like the bar).

We make the beds we lie in. Be responsible for yourself.

November 18 2014 at 9:08 PM Report abuse rate up rate down Reply
Bryan Flake

These tips are super awesome and so easy to follow. Thanks for caring to share it with the world!

bryanflake1984| http://www.drfranklining.com

January 16 2014 at 1:16 PM Report abuse rate up rate down Reply

aaaaawright !
speaking of LIES.
eventually the obomBa_zombies will arise and the usual give and take of quality commentary BEGIN.
to theeee unintiated,these threads remain the only UNHUFFPOOOPED as in uncensored along POLITICAL THOUGHTS AND FACTUAL INFO GETTING OUT--
ariannUH doesn't TOLERATE THAT YA KNOW-can't have THE SIMPLE FACTS interfering with THIER SCATOLOGY-

so having said THAT
i address the zombies with some OLDIES
1. who vetted obama ?
2.who IS stanley dunham and WHEN DID SHIRLEY EVOLVE INTO a stanley
on top of ANNA evolving into a SHIRLEY
on and on-
right down to ALL their multiple IDs AND SOCIAL SECURITY NUMBERS---

it's zombie time !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

May 06 2013 at 11:47 AM Report abuse rate up rate down Reply

BTW, have never been a fan of Roth IRAs. I take my savings now and will plan accordingly later. Roths are only useful as additional, not primary retirement accounts.

May 04 2013 at 9:42 AM Report abuse rate up rate down Reply

Was just looking over my retirment plan last night (which I do too often). From modest means, son of a school teacher and school secretary, will be able to retire comfortably at 59. How? I have worked three jobs the past 20 years and lived comfortably but modestly. Put the excess earnings into retirement plans to the max. Also a lot of good luck. Those of us who bought homes in the 80s still have lots of appreciation even after the housing bubble.

The late Zig Ziglar said it best: expect the best, plan for the worst, capitalize on what comes.

May 04 2013 at 9:41 AM Report abuse rate up rate down Reply

here is some more money lies. the federal reserve is not federal, it's a private entity. the irs is not federal, it is a private entity. the treasury departments corporate office is in pueto rico. the curent money we use is a debt instrument with no real buying power. eventually there will be no money just a mark in your forehead or your hand to buy or sell. isn't life just ducky?

May 04 2013 at 9:27 AM Report abuse rate up rate down Reply
1 reply to balugablue21's comment

well said and why the hell are THEY never AUDITED ?

as for that mark thing ?
read it again--
so what you CAN'T BUY OR SELL--you can ALWAYS BARTER !!!!!!!!!!!!!!!!!!!!!!!!!
and all within the "family".

May 06 2013 at 11:50 AM Report abuse rate up rate down Reply

The only way to fully retire before 65 is to join the service. I have worked with people over 80----and they collect SS. I'm going to be collecting disability soon and will move to a different country----probably Costa Rica or someplace my income will be worth more. It's sad how enslaved we are by money. I thought slavery ended a long time ago----it only transformed----and took over 99% of us.

May 03 2013 at 4:37 PM Report abuse +1 rate up rate down Reply
2 replies to liondog96's comment

Your Medicare won't be good outside of the country, so be sure to figure that in before you leave.

May 04 2013 at 2:46 AM Report abuse rate up rate down Reply

oooh for gawdsake--move to a state with either LOW taxation or those that ONLY PAY FEDERAL-there are states set up that way---do a simple search.

May 06 2013 at 11:51 AM Report abuse rate up rate down Reply

The biggest part of needing less money after you retire is having your mortgage paid off and be free of credit card and car loan debt. The banks generally consider this amount up to 33% of your earnings when making a loan so why not pay yourself first and be free of debt....................

May 03 2013 at 2:36 PM Report abuse rate up rate down Reply

My husband did something right in our working careers and didn't realize it until now. I've only had 2 jobs in my working career and one was as a teenager. I started working at a bank at 18 and retired from the same bank after 44 years. My husband worked 2 jobs in his working career. One at a Woolworth's as a teenager. He went into the service at 18 and then went on to work at the local fire department staying there 35 years. We both had retirement funds from our employeers and I was able to retire early at 62. So financially we're in good condition. The baby boomers had the opportunity for company loyalty and reap the rewards. It's all changed today. We did something right and didn't know it.

May 03 2013 at 2:31 PM Report abuse rate up rate down Reply

As a really late saver, and a hippie to boot.I started chunking 1st $500 into my 401B and then as I got a pay raise more.What made me do it was watching older friends that quit working too soon,and not only had to live in crappy areas,but had to watch every penny.My 3 legged stool is a little bit wobbly,but I'm better off than most.Plus at 65 I'm still working.

May 03 2013 at 1:57 PM Report abuse rate up rate down Reply