(Click here to read Personal Finance Editor Kabous le Roux's'20 money myths: busted!': 20 widely-held, yet patently wrong money myths that are keeping you from being wealthy...)

Millions of South Africans face a future of working well past the retirement age in order to shore up their finances. Inadequate financial planning means many face running huge shortfalls on what they need to be independent in retirement.

It is estimated that only six percent of South Africans will be able to retire comfortably. In addition, a recently published global survey by Aon Consulting also revealed that 64 percent of workers think they will have to delay their retirement plans because of the recession, with 19 percent expecting to have to work for an extra six to nine years.

According to Mike Jackson, CEO of PPS Insurance, many people just don?t give enough thought to planning for their retirement with the result that they are forced to continue working for much longer than they originally expected. "Many people appear blind to the need to save adequately. There seems to be a general assumption, especially among the young, that they will be able to retire comfortably even without putting adequate provisions in place.

"Putting off a retirement savings plan, even for just a few years, can have a seriously detrimental effect on your final income at retirement, yet many people delay making any such plans as they still believe that this is something one does later in life."

Mike attempts to dispel some of the myths currently surrounding retirement saving:

Myth 1: My company pension scheme will be enough.

Reality: Company pension schemes used to be seen as the only savings vehicle necessary for retirement.

Nowadays, however, most pension schemes will only end up paying out a much smaller percentage of your final salary. A company pension is a solid savings vehicle. However, if you wish to maintain your lifestyle into retirement then you need to consider other assets too.

Article continues on page two; seven more retirement funding myths...