Retirement should inspire thoughts of mixed drinks on the beach and long afternoons with the grandkids. But for many people, just mentioning the word spurs anxiety.

Younger Americans are waiting too long to put money away, middle-aged workers rarely make up for lost time and people approaching retirement hope to hold onto their jobs long enough to save just a few dollars more.

Most people know they should be doing more to save for retirement, yet too few of us are doing the right thing. As a result, about half of Americans are in store for a lower standard of living and less financial freedom once they quit working and rely on a fixed income.

Part of this looming retirement crisis is driven by a host of common myths and misconceptions about retirement that have seeped into our collective consciousness. Correcting them may help you feel more confident in your ability to prepare for your golden years—and banish those sinking feelings of anxiety.

Myth #1: Social Security Is Going Away
No federal program is more important for retirement than Social Security. About half of American retirees rely on Social Security for half of their income while about a quarter need it to provide 90% of their monthly retirement budget. Estimates suggest that 10 million seniors would be in poverty but for Social Security.

Read more @Forbes Advisor