Welcome to “Money Myths Retirees Still Believe”—a blog series that uncovers the hidden beliefs that can quietly sabotage your financial peace of mind.
Many retirees cling to common money myths that seem true but can lead to poor decisions, lost income, or unnecessary worry. Each post in this series explores one myth—like “cash is trash” or “I need to beat the market”—and replaces it with a smarter, simpler mindset.
If you’re retired or nearing retirement, this series will help you reassess your approach and feel more confident about your financial future.
The Myth: “More Information Means Better Decisions”
Karen, a 69-year-old retired teacher, thought staying informed was the key to being a “smart investor.” Every morning, she read three financial newsletters, checked stock prices on her phone, and kept CNBC playing in the background. She prided herself on staying up to date.
But instead of feeling empowered, she felt anxious.
Headlines were filled with conflicting advice.
One day it was “buy the dip,” the next “brace for a crash.”
Eventually, she made a panicked move—selling a solid investment after a scary news story—and later regretted it.
Karen had fallen for a modern myth:
👉 That more information always leads to better decisions.
In reality, it often leads to overthinking, second-guessing, and stress.
Why This Feels True (But Isn’t)
We’ve been taught that knowledge is power—and it is. But in today’s world, we’re drowning in information.
- TV pundits shouting predictions
- 24/7 news alerts
- Charts, graphs, opinions, algorithms
- “Experts” with completely different takes on the same data
The result? Information overload.
And for retirees managing their own money, it can be paralyzing.
Instead of gaining clarity, too much input often creates confusion.
Instead of making solid decisions, we hesitate—or react out of fear.
The Smarter Mindset: “Tune Out the Noise and Follow a Plan”
The truth is, most retirees don’t need breaking news or the latest market forecast to succeed financially.
What you need is:
- A simple, well-thought-out plan that matches your goals.
- Investments you understand and trust to do their job over time.
- A calm mindset that isn’t thrown off by every headline or prediction.
In retirement, discipline beats data.
Peace of mind beats perfect timing.
And fewer decisions often lead to better outcomes.
A Real-Life Example
Jim, a 74-year-old in Florida, used to check his portfolio every day. Every dip made his stomach churn. He followed multiple newsletters and kept making small changes—moving funds around, buying what was “hot,” trying to time his withdrawals.
Then, during a particularly volatile year, his advisor said something simple:
“You don’t need more information—you need fewer decisions.”
So Jim made a change.
He stopped watching financial news.
He set up automatic monthly income from a few reliable dividend funds.
He reviewed his portfolio once a quarter instead of daily.
Now he spends more time fishing—and less time worrying.
A Helpful Tip: Use a “Filter” for Financial News
You don’t have to unplug completely. Just filter what you let in:
- Choose one or two trusted sources and ignore the rest.
- Read articles or books that focus on long-term investing, not daily market moves.
- If something sounds urgent or too good to be true—it probably is.
And remember: You’re retired. You don’t need to “win” the market. You just need to live well.
The Takeaway
More information can feel like control—but in retirement, it can easily become a distraction.
Focus on:
✅ A clear plan
✅ Steady income
✅ Simplicity over complexity
✅ Calm over chaos
Less noise = more peace.
Less stress = better decisions.
And better decisions = a smoother, more enjoyable retirement.