I've been collecting these for years – from conversations, comments, echoes from family dinners. Here are the ten most common sentences that stop people's retirement plans in their tracks – and next to each one, what the facts actually say. The longer discussion: the common myths article.
- Myths come in two families: exaggerated promises and unfounded fears – both lead to bad decisions.
- Each sentence comes with a fact-based answer and a link to an article with the details.
- The shared lesson: when it comes to retirement goals, procrastination has the surest cost.
The five “fear myths”
- “I'll never be able to access it anyway.” – Actually, you will: at retirement, at the retirement age in force at signing, or in a serious health situation – access is tied to a purpose, not forbidden (the gateways).
- “The costs eat up everything.” – The cost is real, but it's measurable and can be compared across offers: that's what the TKM is for (article).
- “The insurer does whatever it wants with my money.” – Its operation is bound by the policy terms and MNB supervision; in a unit-linked policy, you set the direction (how).
- “If I die, the money is lost.” – On the contrary: the beneficiary receives it without probate (the rules).
- “Locking the money away is a trap.” – The lock-in is the policy's way of protecting the savings against being broken into – alongside an emergency fund, it's a virtue, not a trap (the liquidity map).
The five “convenience myths”
- “The state will sort it out.” – The state pension works, but its ratio to income is under long-term pressure – having your own leg to stand on isn't a luxury (the pillars).
- “I've got time, I'll start after 50.” – Procrastination takes away the years that work hardest for you; there's still a good plan after 50, just with less room to maneuver (the power of time).
- “It's not worth it with a small amount.” – Actually it is: every payment earns the 20% tax credit (up to the annual cap, drawing on the personal income tax you paid), and you can increase it anytime (sizing it right).
- “I sign once, then I'm done.” – It needs fifteen minutes of upkeep a year – that's the price of getting the full value (the anniversary).
- “The tax credit is automatic anyway.” – Not quite: you have to declare it in your tax return – NAV's draft return typically already includes the declaration, based on the data the insurer reports, but you need to check it and add it if it's missing; a missing or incorrect declaration is money lost (the step list).
How should you deal with these myths?
A myth isn't stupidity – it's a lack of information, typically echoing bad past experiences. The right response isn't an argument, it's a verifiable fact: that's why every sentence here links to an article, and behind each article stand the legal framework and the policy terms.
And most importantly: your individual situation outweighs every broad claim – both myths and rules of thumb alike. With your own numbers: 20 minutes, free of charge.
A question about your own situation? Book a free 20-minute consultation →
