Historically, the road to retirement hasn’t been smooth for many women. The Social Security Administration reports that 17 percent of all elderly, single women live in poverty. With today’s longer life spans, this figure has the potential to rise.

But you can take control of your financial future and help improve this startling statistic by avoiding these three key misconceptions:

Myth No. 1 — Social Security will take care of me in retirement.

The reality is that Social Security income probably won’t be enough. At the start of 2011, the average monthly retirement benefit reported is $1,177. Social Security data also shows that women’s benefits are almost a third lower than men’s. Not only do women earn less than men during their working years, they also take more time away from work than men. Add the uncertain future of Social Security to these statistics, and you can see why it’s more important than ever to plan for additional income sources when determining your retirement income target.

Myth No. 2 — I won’t need nearly as much to live on when I retire.

The assumption sounds reasonable when you consider the costs associated with raising children and commuting to work each day. On the other hand, if you want to spend your leisure time traveling, retirement will come with a cost. It also probably is safe to assume that you’ll have higher health care costs — and potentially long-term care costs — in your later years.

Many financial professionals say that you’ll need 60 percent to 80 percent of your current income in retirement to maintain your current lifestyle.

Test your planned budget for a few months before you retire. That way if your income and expenses seem unrealistic, consider postponing retirement or looking for ways to decrease your expenses.

Myth No. 3 — My 401(k) contributions will fund my retirement

It’s true that a 401(k) is a smart way to save for retirement. Since many employers offer a matching feature, you may have an opportunity for instant return on your invested dollars.

A common misconception is that you can sit back and the plan will manage itself. Take an active role in your investment selection. If you have several years until retirement, choosing too conservative investments may cause you to fall short of the dollars you need. If retirement is approaching, you may need to move aggressive investments to a more conservative side. Review your choices regularly with a financial adviser to make sure your investments are in line with your goals.

This column is provided by Ameriprise Financial Services for Tim Dameron, its financial adviser in Rocky Mount.