Do you know your retirement plans are on track? Or do you just think your retirement plans are on track? Or maybe you just hope they are. A brand new study has revealed that a surprising number of people aren’t saving enough for retirement probably due to misconceptions about what they need to reach their goals. We’ll talk about that first today then we’ll take your calls on any financial topic at 800-525-7000. The first misconception involves the basic retirement nest egg. You should have in your portfolio 10 to 12 times your last year’s income by the time you retire. The survey by Fidelity showed that far too many people underestimate how much they’ll need in their retirement sayings. Only one out of four respondents knew the actual number and about half thought they’d only need five times their salary in savings. The second misconception concerns how much to withdraw from those savings each year during retirement. We always recommend 4-percent as a safe amount to withdraw each year. Some advisors will tell you as much as 6-percent. But more than a quarter of the respondents believed they could withdraw 10 to 15-percent of their savings each year two to three times the safe amount. The next misconception involves the history of the stock market and assuming the market will be down more than it’s up. Few of us can expect to live 35 years after retiring, but over the last 35 years the market has ended up 26 years. But, 75-percent of respondents incorrectly believed the market had been down more years than up during that time. And because of that they may move too much of their portfolio out of stocks as they near retirement and during their retirement years. The next misconception many folks have involves health care specifically, how expensive it will be during retirement. The survey revealed that more than a third of respondents significantly underestimated their out-of-pocket health care expenses during retirement. Our last misconception involves the full retirement age for Social Security. For most folks now that’s 66 or 67 depending on when you were born. But surprisingly, fewer than one out of five respondents knew their correct full retirement age for Social Security. You can start receiving benefits as early as age 62. You have to think carefully before electing to receive benefits and knowing your full retirement age is critical. Here are a couple of questions we answered from our callers on today’s program: --I have a state retirement. I can’t do anything with it because of penalties. What can I do with this money? --We have a portfolio of 800K. We are retired with no debt. I sold all my stocks and had 600K cash earning nothing. What is the best thing to do with this money? --I sold my home (245K). I have the money in the bank. Should I try and buy something now, or wait for the bubble to burst? Ask your questions at (800) 525-7000 or email them to [email protected] Visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.