News Summary: Retirement planning myths punctured

Updated at: 12/06/2012 1:05 PM
By The Associated Press

MYTHS ABOUND: It’s easy to get fooled by some of the many myths about retirement planning, often passed along unwittingly by well-meaning family or friends. Taking bad tips for granted could cost you.

DON’T BELIEVE IT: Don’t assume what you hear from others is accurate: Medicare won’t take care of almost all health care needs in retirement, and you can’t claim Social Security early at age 62 and still get full benefits later.

TARDY SAVERS: One myth many fall victim to that it’s OK to postpone saving in earnest for retirement until other needs are taken care of.

(Copyright 2012 by The Associated Press. All Rights Reserved.)