Fact vs. Fiction Archive

Fact vs. Fiction Archive:

  • Fiction: If I go "incognito" while browsing, hackers can't see my activity.
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  • Fiction: I can aggregate my retirement accounts to take all required minimum distributions (RMDs) from one place.
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  • Fiction: I can only invest my IRA contributions in traditional assets that my advisor offers.
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  • Fiction: Due to the SECURE Act, if I turned 70½ in 2019, I don't have to begin taking required minimum distributions (RMDs) until I turn 72.
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  • Fiction: I can save a lot on taxes by putting money into a college savings plan, such as a 529 or Coverdell account.
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  • Fiction: All college savings plans are pretty much the same.
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  • Fiction: Students can use a 529 plan or Coverdell Education Savings Account to pay for any expenses while they're in college, without restrictions.
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  • Fiction: College saving accounts can be used only for college or graduate school expenses.
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  • Fiction: If I have a properly executed will, my estate won't need to go through probate.
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  • Fiction: If I've signed a power of attorney, it will be valid anywhere in the U.S.
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  • Fiction: Digital assets don't usually have cash value so it's not important to account for them in an estate plan.
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  • Fiction: I've built a large nest egg, so I don't need to worry about long-term care expenses in retirement.
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  • Fiction: I can't predict what my health will be like when I'm older, so it's impossible to plan for my future health care needs.
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  • Fiction: The money I put into a college savings account will hurt my child's chances of receiving financial aid.
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  • Fiction: There is no harm in waiting to install a security patch update.
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  • Fiction: In the event of a ransomware attack, you should always pay the ransom.
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  • Fiction: Not all app and operating system updates to my phone are necessary.
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  • Fiction: I can enroll in Medicare any time after I turn 65.
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  • Fiction: It's safe to connect to public Wi-Fi networks on my smartphone.
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  • Fiction: Messages on my phone are safe from phishing scams.
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  • Fiction: The cost of Medicare is the same for everyone.
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  • Fiction: Cyberattacks are inevitable, and there's nothing I can do to prepare for one.
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  • Fiction: The extra cost for Medigap isn't worth it—Original Medicare coverage is enough.
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  • Fiction: It's not necessary to back up the information stored on your personal or business computer.
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  • Fiction: My health savings account contributions won't be affected when I enroll in Medicare.
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  • Fiction: My smartphone is safe enough, so there's no reason to create a password for it.
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  • Fiction: There is no penalty if I wait to enroll in Medicare.
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  • Fiction: If my child or grandchild qualifies for the Public Service Loan Forgiveness Program, I can pay more than the required amount or make payments during the grace period so that the loans are forgiven earlier.
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  • Fiction: If you receive a phishing e-mail, you should report it to someone, like a supervisor or e-mail service provider.
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  • Fiction: Indirect loans do not qualify for the Public Service Loan Forgiveness Program (PSLFP).
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  • Fiction: If your adult child moves home, you need to set up a financial plan and a move-out date—and stick to it.
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  • Fiction: The difference between whole and universal life insurance policies is minimal.
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  • Fiction: If a link in an e-mail looks familiar, it's safe to click on it.
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  • Fiction: The only reason you need a durable power of attorney document is in case you become incapacitated.
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  • Fiction: Policy loans are an attractive, easy way to access funding.
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  • Fiction: I can throw encrypted data in the trash; hackers won't be able to access it.
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  • Fiction: If your parents want to age in place, their current home is the best option for them.
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  • Fiction: It's a good idea to set aside some of your savings to support an adult child who moves back home.
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  • Fiction: If I'm not happy with the new terms of a credit card, I should close it as soon as possible.
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  • Fiction: Organizing my financial documents isn't worth the time.
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  • Fiction: I can't become an entrepreneur at my age.
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  • Fiction: I should always buy car rental insurance when renting a car.
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  • Fiction: Financial planning is for the wealthy.
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  • Fiction: Getting downsized would mean the end of my financial stability, and there's nothing I can do about it.
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  • Fiction: Any recent college graduate can defer or forebear his or her student loans.
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  • Fiction: It's impractical to have your parents move in with you as they age.
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  • Fiction: If you do not pay the ransomware fee, your files will be destroyed.
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  • Fiction: If you are attending a destination wedding, you should stay in the area for the shortest amount of time possible, to cut down on expenses.
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  • Fiction: If your parents want to age in place, their current home is the best option for them.
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  • Fiction: Most vendors don't charge overtime pay for weddings; they include extra time in their contracts since most brides and grooms like to extend their partying.
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  • Fiction: Your beneficiaries won't have to pay income tax on the death benefits they receive from your life insurance policy.
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  • Fiction: Wills and trusts govern all property that you own.
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  • Fiction: If my children or grandchildren work in a public service job for 10 years, they can have their student loans forgiven.
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  • Fiction: When you empty your computer's recycle bin, the data is gone for good.
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  • Fiction: If you're on the threshold of a tax bracket, you should stay on the higher end and enjoy the higher-income status.
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  • Fiction: If your elderly parents live on their own, you should let them be fully independent and avoid pestering them.
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These materials have been provided for general informational purposes only and do not constitute either tax or legal advice. For additional information, please consult your tax professional.


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