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Retirement planning: Six myths, busted

Retirement planning can be complicated 鈥 the wants and needs that need to be accommodated in our retirement years vary from person to person, so it's hard to get sound advice. Still, there are certain myths about retirement that persist. Here are six of the most common, along with helpful tips and tools for taking some of the guesswork out of retirement planning. 

4. Myth: 'Aging in place,' or living in your longtime home, is the best way to spend your retirement days.

John Raoux/AP/File
Jeffery Ignatius, president and CEO of ShantiNiketan, a retirement community for people from India, in Tavares, Fla., walks among the apartment homes in the development.

Staying in the home we鈥檝e lived in for decades is likely ideal for most of us, but it isn鈥檛 always financially or logistically feasible. Happily, there are a wide range of alternatives between staying in your house and heading to the nursing home. More established arrangements like the village model, for example, offer a neighborhood setting that provides basic services and community living. Beyond that, there are more  experimental retirement living options being explored by individuals and organizations across the country. In her 2014 book,  鈥,鈥  Beth Baker travels the US exploring several, including senior artists鈥 colonies, niche communities for retirees with a shared identity (like sexual orientation or religious faith, for example), and shared individual housing 鈥 the so-called 鈥淕olden Girls model.鈥

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