There are enough books and other forms of guidance about retirement that one would expect to find all the advice necessary to secure a comfortable retirement. But not all of the advice and strategies necessarily will meet your needs.

 What's more, some "facts" about retirement and retirement planning that have been conventional wisdom for many years could be worth challenging today. Here are three of them:

 Fact #1: You'll need 60% to 80% of the income earned in your working years to live comfortably in retirement.

 These figures pop up frequently and are based upon the assumption that certain job-related (and other) expenses will disappear once retirement begins.

Is it logical to assume that you can live happily ever after on less money than you earned in your working years? Do you really want to live on less than what you are earning currently?

The answer to those questions is "no" if, for example, you expect to travel, pursue expensive hobbies or provide financial assistance to your children or grandchildren. And, unfortunately, illness or just advanced age may mean huge medical bills that might not be reimbursed completely by insurance. On the other hand, if at retirement you no longer have a mortgage or need to pay college expenses, you could potentially need less than 60% to 80% of your income.

Bottom line: Analyze your individual situation to determine how much income you'll need during your retirement years.

 Fact #2: Money coming from your tax-sheltered retirement plans is likely to be taxed at rates less than those at which you were taxed during your working years.

 You make contributions to a 401(k), IRA or other retirement plan with pretax dollars. But you'll begin paying tax when you take your money out-generally at ordinary income tax rates.

Today, for most middle- and upper-middle-income taxpayers, tax rates are likely to fall in the 25% to 30% range, significantly lower than in decades past. Those numbers aren't likely to drop radically after retirement, especially if you continue to work. And, of course, with historically low income tax rates, it's reasonable to assume that the only direction that rates are likely to go in the coming years is up.

When trying to figure out what you will net after tax from a distribution from your retirement plan, it's probably a good idea to assume that the money will be taxed at the top tax rate you're currently paying.

 Fact #3: Retirees should switch from stocks to fixed-income investments, such as CDs and bonds.

This statement is too generalized to apply in all circumstances.

As we were recently reminded, the stock market can be volatile. Yet switching from stocks to bonds or cash investments is an oversimplified approach to reducing risk. For one thing, bonds can have their bad years, as well. A strategy that does not produce an investment return that exceeds inflation is a losing one.

The best approach is an individualized one, tailoring your portfolio to your tolerance for the ups and downs of the markets, and adopting techniques that handle risk in an intelligent manner, reducing uncertainty as much as possible, while seeking opportunities that will help your portfolio grow.

 © 2009 M.A. Co. All rights reserved.

Any developments occurring after January 1, 2009, are not reflected in this article.