It is an unfortunate fact that many Americans spend less time planning for their retirement than planning for their vacations. All it takes is intelligent planning and a clear understanding of the myths that hinder us from building a secure retirement.

Consider the following myths:

Myth #1: Im too young to worry about retirement. Youre never too young to make plans. The sooner you begin saving for retirement, the less youll have to put aside. For example, if you want to have a $200,000 nest egg by age 65, youll only have to save about $26 a week if you start at age 35. But if you wait until youre 55 to start, youd have to put aside $233 every week.

(Both cases assume that your money is invested earning a hypothetical 9-percent return. This example is for illustrative purposes only and is not intended to reflect the actual performance of any security. Investing involves risk and you may incur a profit or a loss.)

Myth #2: I wont need much to live on. Many experts estimate that on average, to maintain your standard of living in retirement, youll need 60 to 80 percent of your pre-retirement income. And that income has to continue to grow enough in an attempt to keep up with inflation.

Myth #3: My kids will take care of me. Most children want to lend their aging parents a hand, but many cant afford to. About the time youre ready to retire, theyll be paying their childrens college tuition and saving for their own retirement. Youd be wise, therefore, to leave the kids out of your plans.

Myth #4: Social Security will take care of me. Although its unwise to expect Social Security to cover all your costs, you can take steps to increase your benefits. Work as long as possible. You can start collecting Social Security at age 62, but your benefits may be reduced by 20 percent. If, on the other hand, you work until age 70 youll receive even more.

Myth #5: I cant afford to put money away where I cant touch it for many years. The truth is, you cant afford not to participate in tax deferred retirement plans. Contributions to 401(k) and similar employer sponsored plans may reduce your current taxation. In addition, taxes are also deferred on earnings, so retirement savings have the potential to grow faster than others do. Best of all, many employers match all or part of your contributions to employer sponsored retirement plans, giving you money you would not otherwise have. The one drawback is that you may have to pay a 10-percent penalty, plus current income taxes, if you withdraw money out of a retirement plan before youre 59 .

What should you do? A comfortable retirement requires looking the facts squarely in the face creating a realistic plan that works for you. Of course, this brief article is no substitute for a careful analysis of your personal circumstances. Before implementing any significant tax or financial planning strategy, contact your financial advisor, attorney or tax advisor as appropriate.