Whether retirement is knocking on your door or decades away, you should have a financial plan in place to help you reach that milestone. Bloomberg Business News published an article that debunks some of the myths about retirement. As the article states, "We're living increasingly in a "yoyo" economy -- short for "you're on your own."
According to the article, here are some of the most common myths about retirement:
MYTH NO. 1: It's OK to postpone saving for retirement until other needs are taken care of.
MYTH NO. 2: Medicare will take care of almost all your health care needs.
MYTH NO. 3: You'll need far less income in retirement to maintain the same standard of living.
MYTH NO. 4: You can claim Social Security early and still get full benefits later.
MYTH NO. 5: You should rely heavily on bonds rather than stocks as you get older.
MYTH NO. 6: Any retirement target-date fund will allow you to "set it and forget it."
MYTH NO. 7: You'll be able to make up a savings shortfall by retiring later or working part-time in retirement.
Read the full article, "7 retirement planning myths debunked."