From health insurance and tax: 7 money-related myths decoded
Another myth discourages retirees from investing in equities. Yet as people live longer, relying only on fixed income means falling behind inflation. A strategy that uses equity for long-term growth, especially for money you will not need for at least five years, can help protect your retirement funds.Some people believe they do not need to file income tax returns if there is no tax liability. That is not always true. You may miss out on refunds, TDS credits, or the ability to carry forward losses. Filing returns remains important even when you owe no tax.Another belief is that you should not prepay a home loan because of the tax benefits. However, in the new tax regime, these benefits may be less attractive. Prepaying can bring peace of mind and reduce stress associated with debt, taking into account the new tax landscape.Many assume that only older people need to write a will. However, anyone with assets, inheritance, or digital presence should have one. A will ensures your wishes are followed and can be updated at any time.Some believe that having a financial planner means they can ignore monitoring investments. But it remains your money. You should stay aware of how your portfolio is structured and whether it is aligned with your goals.Lastly, many avoid sharing financial details with their partner. But hiding account numbers, passwords, or investments can leave your partner stranded if something happens to you. Transparency ensures both of you remain protected.By understanding and challenging these myths, you can make clearer, smarter financial choices and save money.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
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