By DAVE CARPENTERCHICAGO (AP) â¿¿ No matter how many years you are from calling it quits, it's essential to have some kind of plan in mind for financing retirement. The days of counting on Uncle Sam and a company pension to carry you through old age are long gone. We're living increasingly in a "yoyo" economy â¿¿ short for "you're on your own." But it's easy to get fooled by some of the many myths about retirement planning that exist on the Internet or in misguided advice passed along unwittingly by well-meaning family or friends. Heeding bad tips could cost you in the future when you can least afford it. Here are some of the most common myths about retirement planning, and the truth behind them. MYTH NO. 1: It's OK to postpone saving for retirement until other needs are taken care of. Don't fall into the trap of thinking it'll be easier to save for retirement in just a few more years. There are competing, expensive needs no matter how old you are â¿¿ from college loans, wedding expenses to home, kids and their college. Every year you delay means you'll need to save more in order to get on track. "The best time to start saving for retirement is when you were 22 years old," says Stuart Ritter, a certified financial planner with T. Rowe Price in Baltimore. "The second-best time is now." MYTH NO. 2: Medicare will take care of almost all your health care needs. Medicare covers about half of all health care costs for those enrolled in the program. For the rest, yes, you're on your own. That means you'll be on the hook for out-of-pocket costs for uncovered services such as long-term health care as well as dental, hearing and eye care, along with supplemental insurance costs.