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If you also factor in a lack of financial literacy about retirement, preparedness becomes even trickier.
And the study found a direct correlation between financial literacy and factors such as asset level.
Here are some of these retirement myths, debunked by experts.
Myth: I should have started saving in my 20s.
Myth: You and you alone determine your retirement timing.
Myth: You need $1 million or more to retire.
However, many people will be happily retired and thriving with far fewer assets, he said.
Myth: Expenses will be less in retirement.
Myth: At 65, you’re able to retire.
Myth: Once you retire, you dont have to worry about credit profiles or scores.
Myth: Life insurance is a great way to save for retirement.
If you borrow money from alife insurance policy, you are charged interest on the loan, he said.
Myth: Medicare will cover all of your healthcare.
Not so fast, said Kates.
Most retirees will need supplemental medical insurance to cover some of their expenses.
Myth: Social Security is enough to cover retirement expenses.
Myth: I should put everything into one account to stay organized.
Fidelitys Assaf said that everyone should diversify their investments.
Myth: Social Security is at risk.
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