Retirement should be something we all look forward to, after all we are living longer, healthier and fuller lives. And yet we are nowhere near saving enough. That’s why I want to tackle these dangerous retirement myths.

MYTH 1 – THE STATE PENSION WILL SUFFICE

No chance. Not only is it extremely difficult to live off €250 a week, you may not qualify for the full amount – and you could be hitting 70 by the time you get it! Think seriously about how much you need to retire.

MYTH 2 – MY SPENDING WILL SHRINK

Not necessarily. Health and wellbeing often improves through early retirement, not to mention spare time, and with all that comes a desire to see new places and try new things – which means spending more. Then later in retirement, when travel spending decreases, you’ll probably be footing ever larger medical bills.

MYTH 3 – MY HEALTH CARE IS TOTALLY COVERED

Not so. You don’t necessarily need private health insurance (but it helps) and even if you have it, it won’t cover everything – in particular nursing home care.

MYTH 4 – WHO CARES, I WON’T LIVE PAST EIGHTY

Don’t bet on it. Sure statistically speaking you’ll live to 81.5 (or whatever). But half of us will live longer than the average. Why risk running out of money?

MYTH 5 – SIMPLE, I CAN JUST WORK LONGER

Easier said than done. It will be difficult to find anything lucrative. And when you get to your sixties you may not want or be able to do the work you’ve always done.

FACT – 1 AND ONLY 1

There’s only one way to avoid the traps of these retirement myths – save. Take a small bit of pain now (by reducing spending to create a surplus) to avoid a whole lot more pain in retirement. And don’t just save, invest. Investing in the stock market for life (and I mean life, not working life) is the only sure fire way to beat inflation.