Columbia, SC (WLTX) - While many Americans are still finding it difficult to save for a rainy day because of their monthly expenses, many say it's even harder to save funds for retirement. Today we're dispelling myths around retirement and your financial life in the future:

1. You'll Retire When You Want - 50 percent of retirees leave the workforce before they plan tp due to health and disability issues. As we see baby boomers get older, some members of the workforce are retiring to take care of a family member.

2. Social Security Will Be Gone When I Retire - This myth is repeated by many citizens including financial experts. Social Security won't be available as a trustworthy source of income when retiring because the retirement age to access the funds may (and will likely) increase. The fund will still be there, but it's not sound financial planning to include it in your future income picture.

3. When I Retire, All Of My Money Should Be In Stable Accounts/Funds - The feeling of the stock market crash is still felt by many when it comes to their retirement account, but being too conservative can result in headaches in the future. When you retire, putting all of your money in CDs and bonds that may not even keep up with inflation is a dangerous strategy.

4. Retirement Planning Can Wait - Setting a retirement goal number and following the plan to achieve your goal is imperative. Students can get a loan for school, you can get a loan to purchase a house or car, but you can never take out a loan to fund your retirement. It's best to contribute early and often.