Retirement planning is plagued with plenty of myths and misconceptions.

To make sure you’re on the right track, consider these eye-opening facts:

1. You’re never too old to save. Sure, it would have been better to start saving early, but there’s still time, even for late starters. A few years of serious saving can make a huge difference. For 2016, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of $5,500 or your taxable compensation for the year. If you are over age 50, you may make a “catch up” contribution of an additional $1,000 a year. Once you reach age 70 1/2 you can no longer make contributions to your traditional IRA; however you can still contribute to a Roth IRA. Rollover contributions can be done on either type of account regardless of age.

2. You’ll need more money than you think. A $1 million nest egg sounds like a lot. But, spread over a 30-year retirement, it amounts to about $50,000 a year. By adding annuities to your portfolio, you can include a lifetime income stream during retirement. Aim high in your retirement savings so you’ll have enough to do all the things you love (travel, golf, etc.).

3. A pension won’t cover it all. Baby Boomers will get far less financial help from pensions than their parents did.

4. You may not be able to pick your retirement date. While about a quarter of employees aim to work until age 70, few current retirees managed to stay employed that long. Health problems, layoffs, and the need to care for a family member typically drove their decision.

5. Your 401(k) can move with you. When you retire or change jobs, and have a balance in your retirement plan, you need to decide what to do with it. Rolling over your 401(k) into an IRA is an option to consider. A Rollover IRA is a tax-advantaged IRA account designed to receive retirement funds from former employers’ retirement plans or another IRA account you already have. It allows funds to be transferred tax free and penalty free from one investment account to another. Annuities can also be used for IRA and 401(k) rollovers.

6. Your personal savings will be the key. Personal savings typically make up half of the income stream for retirees. So, save for retirement now by opening an IRA and taking advantage of generous 401(k) contribution limits to put away the maximum amount. Another great way to save is by spreading your money among a variety of CDs with different maturity dates and rates. By “laddering” your CDs, one or more will always be approaching maturity, giving you the chance to seek out the best bank rates.

Make saving for retirement a priority with a money market account, CD, or IRA through AAA and Discover Bank. AAA also offers annuities to help diversify your retirement planning.

To schedule a no-obligation consultation with a AAA Financial Services specialist, call toll-free 1-888-870-9395.

Deposit products offered by Discover Bank, Member FDIC.