There’s no shortage of retirement advice out there — on social media, from well-meaning friends and family, or from a headline you skimmed on your phone. The problem is that a lot of it is wrong, outdated, or only true for someone whose situation looks nothing like yours.
On this episode of the Tall Oaks Podcast, Carisa Bertrand put Branden DuCharme in the hot seat with a rapid-fire round of retirement myths — fact, fiction, or “it depends.” Here’s a rundown of what got busted.
Myth #1 — Social Security Is Going Bankrupt
Not exactly. The Social Security trust fund is drawing down, but the program itself was never designed to rely solely on that trust fund — it’s funded by current payroll taxes. When people say Social Security is “going bankrupt,” what they usually mean is that the trust fund’s surplus could run out, which would likely reduce future benefits rather than eliminate them entirely. The more realistic outcomes: a slow erosion through inflation and a gradually rising full retirement age — something we’ve already started to see.
Myth #2 — The Safest Thing to Do Is Claim Social Security as Soon as You Can
It depends entirely on your situation. Filing before your full retirement age can trigger earnings penalties if you’re still working, and if you end up living a long time, filing early can turn out to be a costly decision. That said, if your health or life expectancy points the other way, filing early can absolutely be the right call.
Myth #3 — Waiting Until 70 Is Always the Smartest Move
Also not an absolute. Delaying Social Security increases your monthly benefit, but nobody has a crystal ball. A rough rule of thumb: if you think you’ll live into your 80s, delaying tends to pay off. If not, filing earlier may make more sense. It also depends heavily on the rest of your balance sheet — your other assets, your need for cash flow, and your overall risk tolerance.
Myth #4 — You Should Get Out When the Market Hits All-Time Highs
Markets tend to make new highs because they keep climbing over time — an all-time high isn’t, by itself, a warning sign. Historically, buying at all-time highs has performed reasonably well over a multi-year horizon. The all-time-high moment is a good excuse to revisit your financial plan, not a reason to panic-sell.
Myth #5 — Bonds Are Always Safer Than Stocks
It depends on the bond and it depends on the stock — they carry different kinds of risk. Counterintuitively, blending a modest allocation of stocks into an all-bond portfolio has historically reduced overall risk while improving returns, compared to holding bonds alone.
Myth #6 — You’ll Automatically Be in a Lower Tax Bracket in Retirement
Definitely not guaranteed. Many retirees are surprised to find themselves in the same bracket or higher, especially once Social Security (up to 85% of which can be taxable), required minimum distributions (RMDs), and investment income all stack together. This is exactly why strategic Roth conversions — done in the years before RMDs and Social Security kick in — can make a meaningful difference.
Myth #7 — You Need $1 Million to Retire
A myth, full stop. Retirement isn’t a single magic number — it’s a function of your spending, not an arbitrary savings target. Someone spending $40,000 a year in retirement doesn’t need the same nest egg as someone spending $150,000 a year.
Myth #8 — You Can Always Safely Withdraw 4% a Year
The 4% rule is a reasonable starting heuristic, but it doesn’t hold up universally. The safe withdrawal rate depends heavily on how your portfolio is actually invested — some portfolios can support a higher rate, and an overly aggressive or narrow portfolio could make even 4% too risky.
Myth #9 — Estate Planning Is Only for Wealthy People
Also false. The federal estate tax exemption is now $15 million per individual ($30 million for a married couple) as of 2026 — well out of reach for most families — but estate planning isn’t just about taxes. It’s about who makes decisions for you if you’re incapacitated, how smoothly your assets pass to the people you want, and avoiding an unnecessary trip through probate. A will alone typically covers only about a third of a complete estate plan; beneficiary designations, a trust (especially if you own real estate), a power of attorney, and an advance health care directive round out the rest.
The Bottom Line
Almost every question in this episode ended the same way: “it depends.” That’s not a cop-out — it’s the actual answer. Rules of thumb are a useful starting point, but a real retirement plan has to be built around your specific numbers, your health, your goals, and your risk tolerance, not a one-size-fits-all headline.
Curious how any of this applies to your own retirement plan? Schedule a conversation with DuCharme Wealth Management to talk it through.