earThere are a lot of people who you probably shouldn’t listen to when it comes to retirement. Let’s highlight just a few of these people.

People who say it is impossible to retire

Excuse me, but nope it isn’t impossible to retire! Even if you’re older, there is this thing called Social Security that will probably still exist when you retire. You might have to make lifestyle changes, but you’ll still be able to retire.

For the younger people, start saving now! That might require some changes to your life, but it is certainly possible to retire. The more you can save, the earlier you can retire. Also, Social Security will probably still exist when you retire, but will probably be reduced so start saving some money.

People who say you need to cover 100%, 90% or even 85% of your pre retirement income

Key in on the word “need” there. Chances are you probably don’t need this much because you probably don’t spend 85% or even 75% of your income on needs. Even if you include wants, you shouldn’t be spending 85% of your income, so you shouldn’t need this much for retirement either!

For one, you should probably be trying to save 20% or more of your income for retirement if you want to retire even a little early. Second, you can probably cut some costs in retirement – like vehicle, work related costs, or by downsizing. Remember that your medical costs may increase some, but cuts in other spending can offset this.

If you are spending more than 85% of your income on basic shelter, food, and transportation, I’m sorry for your situation. You may be able to save some money by cutting your grocery bill, increasing your income or living with other people, but I honestly am not familiar with your position.

People who “guarantee” they can deliver returns higher than 8%

There is only one exception to this that I can think of – that by paying off debt with an interest rate higher than 8%, you’re essentially getting a return of that interest rate. This is really just limiting your losses, but is good to do!

There is simply no thing as a guaranteed return this high, so this person is probably a scam artist. I’m certainly not saying you can’t get returns higher than 8%, but in no way is it guaranteed. Run away from these people and keep your money invested somewhere with low fees.

People who tell you to invest in something with fees higher than 1%*

*Unless it is your only option for a 401k or you get matching.

Besides those reasons, I can’t think of a reason to invest in something with fees that high! There are so many options out there that have much lower investment fees. My top pick is Vanguard, but you can look at others too.