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Retirement planning is no walk in the park. It’s complicated. No wonder so many of us make mistakes that can turn that retirement dream into last minute panic.

As retirement approaches, there are a lot of things to consider, such as: For example, when to get Social Security benefits, how much to deduct from your 401 (k), create a spending plan to stick to, and invest your retirement savings. And like the butterfly effect, tiny decisions can now lead to big, life-changing consequences.

That’s why it’s crazy to do it alone.

A study by Northwestern Mutual found that 71% of adults in the US admit that their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.

The value of working with a financial advisor varies from person to person, but according to an independent study, individuals who work with a financial advisor feel more comfortable about their finances and could end up with about 15% more money to retire.

But who can you trust for orientation? In the past, you had to turn to a stranger and take your risk. But that was then.

These days there are free online services This is how you can find your ideal financial advisor in next to no time. You fill out a short questionnaire and then you will be matched with up to three local fiduciary financial advisors, each of whom is legally required to work in your best interests. The process only takes a few minutes and in many cases you can be connected to an expert right away free Pension advice.

Definitely something you should be doing. In the meantime, here are five of the biggest mistakes in retirement – and how to avoid them.

1. If you don’t plan, you plan to fail

A happy retirement is stress free. And how do you reduce stress? Quite simply: through a plan.

When you want to go somewhere you’ve never been, get in your car, drive around aimlessly, and hope to arrive at some point? No. First you decide where you want to go. Then use a map to draw the shortest route to get there.

A financial plan is a map that shows the shortest path to achieving your retirement goals. Decide what you’re going to do, where you’re going to do it, how much it’s going to cost, and where the money is coming from: all parts of your plan. But what if your plans change when you retire? That’s OK. It is your plan; You are welcome to change it.

Sounds complicated to make a plan? It is. The investments you choose, income taxes, and your target retirement dates are just a few of the many variables you need to consider. So if once in your life you could use professional advice, this is it. Hiring an experienced, knowledgeable guide in the form of a qualified financial planner keeps you from getting lost and gets you to your destination.

Use this free matching service to connect with three qualified financial advisors in your area in five minutes.

2. Postpone until tomorrow what you should have started yesterday

According to a recent survey by Bankrate.com, your biggest financial regret is not saving enough for retirement. And why aren’t Americans saving enough? Because they put it off and say, “I’ll wait until I have more money” or “I’ll start when I get closer to retirement”.

The thing is, the longer you wait, the harder it gets. In other words, it is better to start small but earlier than start big but later.

If you are behind with retirement savings, a financial advisor may be able to help you catch up and figure out how much to invest to meet your goals. In addition to investing in your future, a financial advisor can provide guidance about budgeting and debt settlement.

And while there are of course no guarantees, it can make a world of difference when an advisor can increase your ROI. Consider this: if you save $ 500 per month for 40 years and have an average annual return of 5%, you will end up with nearly $ 725,000. Double that return to 10% and you will retire with nearly $ 2.7 million. That’s a life changing difference.

Again, there is no guarantee that a professional will do better than you could on your own. But the point is, over time, small things can make a huge difference in your life.

3. Retire too early or not early enough

If you are thinking about retiring soon, you might dream of quitting your job and traveling the world. Before you stop, however, there are a number of reasons you might want to reconsider. First, you can live longer than expected, encounter unforeseen health problems, or face difficult financial times that force you to cut back.

That’s not to say you shouldn’t retire early, but if that’s your plan, run various scenarios to make sure your savings will meet your retirement expenses and provide a lifelong income.

The same goes for not retiring early enough. If you are unsure whether you have enough savings, you worry and you may be working longer than necessary. You are much better off knowing what you have and what you need. Replace doubt with certainty and only work as long as you want.

If you are about to retire, Meeting with a financial planner determine the best time to retire based on your personal situation.

4. Hire the wrong financial advisor

Whether it’s building wealth or ensuring a comfortable retirement, hiring a financial advisor is an important life decision. Unfortunately, not all are created equal. Hire the wrong advisor and you may be worse off than you were when you started.

When the time comes to find someone to help, always meet with multiple planners. Talk to them and evaluate their qualifications and advice before making a decision. Ask how they are paid and how long have they been in business. Take your time. And always work with a trustee: a planner who is legally obliged to put your interests above their own.

Find a financial advisor these days you can trust doesn’t have to be frustrating or difficult. Start your search with this free one Matching tool for financial advisors, that connects you with up to three qualified financial advisors in just five minutes. Each advisor is audited and is a trustee.

If you’d like to be matched with local advisors to help you meet your financial goals, Get started now.

5. Take too much risk or not enough

Risk is a fun thing. Take too much and you can lose your savings. But if you take too little, you can lose purchasing power due to inflation.

The money you retire with is money that cannot be replaced. Therefore, as we age, we tend to invest in low-risk but profitable investments. But as inflation undermines the value of money, that seemingly safe nest egg will decrease in value in relation to what it can buy. Bottom line? Not taking risks often involves risks of its own.

Investing before and after retirement is about balance: using investments that aim to keep your income flowing, hedge inflation, and make risks manageable. Your strategy requires safe, guaranteed income investments as well as some exposure to stocks and other inflation protection investments.

You can learn it yourself, right? hire an investment professional for some advice and guidance, both before and after retirement.

Quiz: find out if you’re ready to retire

Finding the right time to retire doesn’t have to be difficult. The free quiz from SmartAsset suits you with three fiduciary financial advisor in your area in five minutes. Every advisor has been vetted by SmartAsset and is required by law to act in your best interests. When you are ready to be matched with local advisors to help you meet your financial goals, Take this quiz now.

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