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Beth Flynn, Vice President of Retirement and Client Experience of Charles Schwab &

Co., Inc. has published an article on the top five retirement myths many people believe.

It is very informative and worth your consideration.

Beth Flynn’s top five retirement myths:

1.    You'll only need 70-80 percent of your pre-retirement income.
Work-related costs go away when you retire, and the kids are hopefully financially independent. But other expenses can take their place, such as health care (particularly if you retire before 65, the age when Medicare kicks in), increased travel and leisure, etc.

2.    When you retire, you'll be in a lower tax bracket.
Even workers in higher brackets may find that Social Security income, pensions, taxable portfolio income and retirement account distributions combine to keep them in the same or an even higher bracket in retirement.

3.    You can always just keep working.
Part-time or even full-time work at something you enjoy can be a fulfilling way to generate extra retirement income and social interaction. But, that presumes both you and the job market for seniors remain healthy.

4.    The stock market will save you.
For long-term planning, it's smart to plan on high single-digit equity returns and about half that for bonds. Also, don't assume the same return every year. Market returns (even real estate) fluctuate from year to year.

5.    There's always Social Security.
With Social Security, it's especially hard to separate truth from fiction. According to some, the status quo is fine. Others see bankruptcy as imminent. The Social Security Administration projects that the current system is sound through 2040, but beginning in 2041 benefits could be reduced by 26% and could continue to be reduced annually.

Keeping these five things in mind as you plan your retirement can make your retirement experience a much more rewarding and less stressful chapter in your life.