NEW YORK ( TheStreet) -- It is said that the ancient Greeks had a knack of wrapping truths in myths, the better to communicate everyday truths.
An interesting concept, but one that won't wash with our investment experts, who were invited to pick their biggest retirement planning myth and debunk it, whether it be how much money you'll really need to retire comfortably or the virtues of paying off your mortgage early.
The ancient Greeks wouldn't approve, but they're not around to help you with your retirement anyway. Here's a look:
Myth No. 1: $1 million will guarantee a stable retirement.
Expert: Nicole Rutledge Regili, lead adviser with Orlando, Fla.'s Resource Consulting Group
Expert: Chris DeGrace, vice president, SunTrust Investment Services (STI - Get Report) Health care certainly is a big cost, but the No. 1 expense is actually taxes.
Because many people are drawing on assets that have enjoyed tax deferral during their working years, they are forced to pull money out of those accounts at ordinary income rates. It's very important to determine a strategy that enables you to draw down retirement income across all accounts available in the most tax efficient way. Ideally you want to let the tax-deferred accounts grow as long as possible. In addition, one would want to focus on the basis of the taxable assets to decide what funds to spend.
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