When you think about your retirement, what picture pops into your head?

Is it a vision of you relaxing on a catamaran in the middle of the Pacific? Or do you see yourself hunched over a computer, working a nine-to-five gig because you can't afford to quit for good?

Most Indians have long ago come to the conclusion that retirement isn't going to be all travel and relaxing . With fewer savings and smaller (if any) pensions, there's an understanding that most retirements now involve some sort of work and a close eye on budgeting.

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Myth #1: I won't need as much money when I retire.

Ask yourself: When do you tend to spend the most money? Is it when you're at work or when you have a leisurely day off? Now consider that your retirement will be more like your Sunday than your Monday.

"We tend to spend more when we have free time," says Scott Hanson, a Certified Financial Planner with Hanson McClain in Folsom, Calif. "People often spend more in retirement than they do working, particularly in the first few years."

A rule of thumb oft quoted is that retirees will need about 70 percent to 80 percent of their pre-retirement income to maintain their standard of living. But what you save in housing costs if you've paid off your mortgage, for example, can easily be wiped out by increased spending on "bucket list" activities, like travel and hobbies.

Myth #2 : You have a magic number.

It's an easy assumption. All you need to do to have a comfortable retirement is save enough money that you can withdraw 4 percent each year and that nest egg with last a lifetime.

The so-called 4 percent rule doesn't work for everyone and depends on your lifestyle, health and investment portfolio.

"There is no magic number. Your retirement plan and withdrawal strategy should be as unique as you are," Coleman said.

Myth #3 : Downsizing is easier said than done.

Lots of pre-retirees plan on trading in the family home for a condo or apartment and living off of the additional equity. That's a great plan, but in many cases, the savings don't pan out. Retirees tend to sell their older homes for newer apartments with more modern amenities — such units tend to cost more, which eats away at the potential savings.

More than half of pre-retirees don't end up downsizing with their final move, according to a recent report by Merrill Lynch, and 3 in 10 actually buy a larger home. If you really want to cut down on your living costs, consider moving to a cheaper location, where you can get a bigger or newer home for a lower price.

Myth #4 : You haven't saved enough for healthcare. 

While Medicare will pay for doctors visits and hospital costs, it may not cover all of your prescription drug expenses and it doesn't help with long-term care .

If a 65-year-old wants a 90 percent chance of having enough savings to cover health care expenses in retirement, the average man would need to save $124,000 and the average woman would have to sock away $140,000.