A. It's never too early to plan your retirement! Here are the 5 biggest retirement mistakes people make in various life stages, please make sure to avoid them!
In your 20's
Focus on student debt rather than retirement - this is probably the easiest mistake to make, because retirement time is so far away, while student debt payment is right here. However, for retirement planning, time is your best friend. The earlier you start, the better.
In your 30's
Cashing in retirement savings to buy a house - if you can't afford the down payment of that house without touching your retirement savings, you will have a hard time once you bought it, because tax, maintenance, and many other unexpected expenses will show up. IRS allows you to borrow $10,000 from IRA penalty-free, don't do that.
In your 40's
Paying your kids' college rather than your retirement - you want to help out your kids by avoiding taking student loans, but there are far fewer option for retirement time borrowing than college education funding. No one will take care of your retirement except you.
In your 50's
Not taking advantage of the government incentives - people in 50's should save as aggressively as he or she could do, for example, put away at least 15% of pay for retirement, and take advantage of the catch-up contributions of up to $5,500 that the IRS allows for people age 50 and up.
In your 60's
Under-estimate your life expectancy and use retirement money to quickly - even you retire in 60's, your life could still last another 20 to 30 years. Without regular income, it's easier to draw down your retirement savings quickly. Don't do that, be prepared to be an investor for another 2 decades or so, and plan your spending accordingly.