Some people may be thinking, “I’ve got plenty of time”, or “I won’t want to retire.”  Following are the seven most common myths surrounding retirement, along with some of the most common reasons Americans are delaying their retirement.   Start planning now so that you are prepared to reach your retirement goals when the time comes.

Myth #1:  I’ve got plenty of time

The truth is, the majority of Americans are not prepared for retirement when the time comes–they haven’t saved enough or invested their savings effectively.

Myth #2:  I won’t live to see retirement

Unless you work as a human cannonball or a motorcycle stunt double, you should consider the fact that Americans are living longer than ever thanks to advances in healthcare and related technology.  The problem is, that while this great healthcare is affording us longer lives, it’s also costing us much more money than it used to.  Healthcare rates have been increasing at several times the rate of inflation which means Americans need more money to retire and pay for healthcare expenses than they used to.

Myth #3:  I won’t ever want to retire

Yes you will.  Just because you may not want to stop working, does not mean you won’t want some sort of retirement, or at least the option to do so.  Work is much more meaningful when you’re doing it because you want to, rather than because you have to.  Some people choose semi-retirement and work part time, or volunteer on a board of directors for start-up businesses or charities.  Don’t forget the allure of tropical vacations and impulsive family visits, both of which are much easier to do without the grind of a full time career.  Eliminating your debt and preparing for retirement will open doors for you that you never realized existed.

Myth #4: I need to pay off my debt first

While paying off debt is one of the most important pieces of the retirement puzzle, you should start saving for retirement today, regardless of how much debt you may have.  The benefits of compound interest will work in your favor, and you will develop the habits of saving and investing so that when you become debt free, you will be able to accelerate your saving strategy.

Myth #5:  I don’t make enough money to save

Any income is more than no income.  Dedicate a percentage of your income towards saving, even if it’s small.  The next time you get a raise, do not increase your standard of living, instead increase your percentage of saving.  Before you know it you’ll be on your way to retirement.

Myth #6:  Investing in this market is too scary.

The fact is that not investing and as a result, not being able to retire, is the only scary thing.  Sure the market may be bouncing around like children skipping rope, but over time the general direction is up.  If you don’t like stocks, invest in bonds with a guaranteed rate of return.  There are a host of other financial instruments that might not yield the highest returns, but they will protect you from the volatility of the stock market while still allowing you to save for retirement.

Myth #7:  401ks are a rip-off because of high fees

It may be true that some plans charge absurdly high fees.  This is where it pays to do a little research and find out what funds accomplish the objectives you want while charging the lowest fee ratio.  If your employer has a matching program you should definitely max it out contributing to your 401k plan.  If not, take advantage of low cost mutual or index funds through an IRA that can easily be set up through your bank or brokerage.