Myth #3: Getting married when you're retired will cost you your Social Security or pension benefits.

We've heard of older couples fibbing to their families and saying they skipped off to Vegas and tied the knot - even though they're really just living together - because they're afraid of losing their retirement benefits!

Fact: If you're 60 or older and were widowed, you CAN get remarried and still collect on your deceased spouse's record. The survivor benefit is equal to your deceased spouse's full benefit, which may be more than your own benefit or the 50% you're entitled to from your new spouse's benefits. For more information, call the Social Security Administration at 800-772-1213 or visit www.ssa.gov.

Myth #4: Your pension plan administrator will make sure you get all the benefits you're owed.

Fact: Much as we'd like to believe this is the case, don't assume that it is. Math or "actuarial" errors (like using an incorrect interest-rate assumption) and administrative errors are all too common when it comes to calculating your pension benefits. We're not talking about mistakes that cost you little amounts, either. These errors could be costing you 20% to 50% of your lump-sum or monthly pension payment!

One way to protect yourself is to have your benefits reviewed by an independent pension consultant. The best service we've found is The National Center for Retirement Benefits in Illinois (800-666-1000; www.ncrb.com). They review, analyze, and—if need be—audit your pension plan participation to make sure you're getting all your benefits. Their fee is 20% of any additional money they find for you - and if they don't find any more money for you, you pay nothing.

You can also make your own calculations with the pension calculator on the Web site of the American Academy of Actuaries, at www.actuary.org.

Myth #5: Thanks to the Pension Benefits Guarantee Corporation (PBGC), your pension benefits will always be safe.

Fact: Not true! The PBGC doles out only a fraction of the actual benefits owed if a company's pension plan fails. To see exactly how much the PBGC will guarantee, see their online table here. The PBGC doesn't cover any of the major benefits like severance, vacation, or sick pay. All those benefits will disappear if your pension collapses.

We strongly urge you to check the safety of your employer's pension plan. Your plan administrator is required to give you an annual update in writing about the financial status of the plan. Be sure to read it. You're also legally entitled to that same information when you make a written request to your administrator. For more information, go to www.pbgc.gov.

Get a jump on your retirement planning with these articles:

• The Dolan Catch-Up Plan for a Secure Retirement
• Protect Your Nest Egg
• How to Slide Into a Smooth Retirement

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