Myth No. 7: Retirement means moving money to stable funds

Investing for retirement is important at any age, but experts advise you to do more of the aggressive investing in your younger years when you still have plenty of time to earn more money. However, as you approach retirement, the most common advice is to stick to more stable funds.

However, “putting money in CDs or a bond portfolio can be just as dangerous as being overly aggressive,” says Olavsrud. People live longer now which means there are at a higher risk of running out of money if inflation exceeds the interest rate of their savings.

Myth No. 8: Health problems don’t occur until much later in life

How much later? According to Schneider, earlier than most people think. Health issues such as arthritis, limited mobility and hearing problems appear in the very first years of retirement, in almost 50 percent of cases. “People are surprised by the changes in their health,” he says. “It’s a real shock to discover you might have to take a medication for the rest of your life,” Schneider says.