2. You won�t live much past age 75. People are living longer. Be safe and calculate that you need income to at least age 90.

3. You can save enough for retirement during the final 5-7 years of your career. 5-7 years is not enough time for compounding to work. For compounding to take effect, start now even if it is a small amount.

4. Your company�s defined-benefit pension plan will match inflation. It may not. Don�t assume your pension, CPP, and Old Age Security will be adequate to meet your retirement goals.

5. Medical Insurance & Expense won�t be an issue in retirement. Plan on spending $3,000 to $12,000 per year on these costs.

6. A windfall will aid your retirement. Don't expect an inheritance, lottery winnings, inflation-fed equity in your house or any other miracle to fund your retirement.

7. You can have a relaxed attitude about investment returns. Don�t just accept GIC or short-term bond yields. Shoot to beat inflation by two to three percentage point a year. This way your investment won�t risk losing purchasing power.

8. You have to preserve principal. Sure it�s a time-honoured adage to never touch your principal. It�s too difficult to save enough money to both generate a stream of income and leave a legacy. It�s OK that you may want to leave a legacy, but don't do it at the expense of your life style in retirement.

9. You can time the market. Use dollar-cost averaging. Invest a set amount on a regular basis.

10. Your current portfolio will appreciate so much that you can keep your annual savings rate low. Your returns may not grow as expected. To safeguard your retirement, save as much as you can now.