6 Retirement Planning Myths and Mistakes to Avoid

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For many people, retirement planning often starts — and also ends — with opening a 401(k) account that their employers sponsor. In addition, almost 15% of Americans don't have any money saved for retirement at all. If you're in one of these groups, it can be helpful to take a look at some misconceptions that might be preventing you from planning well for funding your lifestyle during retirement. To help you develop more effective saving habits, we’ve rounded up some of the most common retirement myths and ways you can avoid them.

From relying only on your 401(k) to thinking Social Security is enough to get you through, these retirement planning mistakes can disrupt your finances during your golden years. Fortunately, it’s never too late or too early to start planning for retirement, and you can get on track by learning about these myths and the truth behind them.