Planning for retirement involves avoiding common myths. Social Security may only replace 40% of pre-retirement wages. Retirement income should aim for 70-80% of former income. Consider saving in IRA or 401(k) for tax benefits. Claiming Social Security early reduces benefits. Social Security won’t run out completely. Taxes still apply in retirement. Ignore myths to secure a comfortable retirement. Save strategically to avoid income shortfalls.

Read more at Yahoo Finance: 4 Retirement Myths You Can’t Afford to Believe