The notion that boomers will cash out of stocks upon retirement and hurt the overall equity market is false, David said. "If you are going to retire with a 30-year time horizon, why would you pull money out of the market?" he said.
Another myth: baby boomers will stop working upon retirement. "Boomers have transformed every phase of life through which they’ve passed," noted Castille.
A bigger concern for Castille is whether the 401(k) system will live up to its promise of securing retirement for boomers.
"I worry that the 401(k) system is going to come under pressure," Castille said. That's because it was built as the baby boomers moved through the workforce. "It will receive its fair share of blame if boomers don't get the outcome they want."