Quitting too soon
Americans are living longer, but many are retiring at the same ages as their parents and grandparents. That means retirement could extend for 20 or 30 years or more - a very long time to survive without earnings. Unfortunately, deciding when to retire is not always up to the individual, but is often the result of corporate downsizing or health issues.
Tip: Envision a typical day in retirement and consider the possibility of working longer or even part-time. Postpone tapping some of your assets and perhaps delay claiming Social Security benefits until an older age when they are worth more.