A new book points out common myths about retirement planning that baby boomers should avoid. Called "The Seven Dangerous Money Myths," the book lists several falsehoods that baby boomers buy into when planning for their retirement. Chief among the pitfalls is that people rely on the equity in their homes. Ken Gordon, a senior vice president at Merrill Lynch Canada, says including home equity in a retirement plan is a mistake, especially for baby boomers who choose to have their children later in life because their kids will still be home when they retire. Another myth many baby boomers embrace is that their parents will leave them a sizable inheritance. Gordon notes that the average life expectancy rate is rising, which means that retired persons are spending more of their retirement nest egg on travel and recreation. The baby boom generation is also advised not to wait until the last minute to start saving for retirement.