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Retirement planning can be incredibly tricky for two reasons: First, numerous factors affect your retirement planning, and second, no two retirement needs are the exact same. • With that in mind, heres a list of major retirement pitfalls to avoid — and what to do if you end up taking some missteps.

1. THE HIGH PRICE OF NOT THINKING AHEAD

HAVING NO RETIREMENT STRATEGY

Consider what you want your future to look like and how much money you can reliably set aside now. Then find a deposit product that will get you there. Employers often offer 401(k) plans and pensions (though fewer offer pensions these days). You can also open an IRA without an employer sponsoring the account. These products are a great way to start your retirement savings.

RELYING ON SOCIAL SECURITY OR A PENSION

Its no secret that the future of the Social Security system is in question. Whats more, companies are now freezing pensions en masse; 40 percent of Fortune 1000 companies already have, according to a Towers Watson study.

BELIEVING YOU WILL WANT TO KEEP WORKING

You might love your career and not be able to imagine life without a 9-to-5 gig. However, your ability to keep pace in the workplace will likely wane eventually. Circumstances change, your health might not keep up with you, and youll likely be ready to eventually take it easy and retire. Dont skimp on your saving because you think you can work until youre 90 and earn more than you do today.

RETIRING TOO EARLY

Your retirement payouts are dictated by your age — if you retire early or retire late. Depending on your designated full retirement age, you could be receiving less in benefits (or more, if you wait) each year.

STARTING YOUR RETIREMENT SAVINGS TOO LATE

Time is of the essence when it comes to retirement planning. Start even a decade later, and youll have to dramatically adjust your monthly contributions to start making up for lost time.

SAVING TOO MUCH TOO EARLY

If youre in your 20s and youre putting north of 10 percent of your income toward retirement, you might want to slow down. Sure, youre setting yourself up for a comfortable retirement if you start saving aggressively at a young age, but you also dont want to be behind on your savings for more imminent investments, like a home. Make sure youre saving an appropriate amount to still reach other goals with minimal debt.

NOT PLANNING FOR MEDICAL EXPENSES

The mind often outlives the body, and medical care doesnt come cheap. With higher insurance costs the older we get, its important to factor in medical expenses when budgeting for retirement. Opening a health savings account can help ensure you are socking away a designated amount of money toward these costs.

NOT CALCULATING HOW LONG YOUR RETIREMENT WILL BE

Theres no way to know how long youll live, but its always better to err on the side of overplanning. You dont want to outlive your retirement funds.

UNREALISTIC EXPECTATIONS FOR RETIREMENT

Consider the true costs of planning for retirement and be honest: What kind of lifestyle do you want? Draft a budget thats realistic and face the present reality of what youll have to sacrifice to get there.

PRIORITIZING YOUR CHILDS EDUCATION

There are a number of options your child can take advantage of to pay for part or all of college — and these options should be on the table. Ultimately, if youre short on retirement savings, youll likely have fewer chances than your child will to cover expenses.

CARRYING DEBT WITH YOU

By its nature, retirement means transitioning to a fixed-income lifestyle. Carrying debt into retirement will be detrimental to your financial strength and eat away at your savings. Do your best to get all debt paid off before you stop working.

2. COMMON MISTAKES WITH 401(K) AND OTHER TAX-ADVANTAGED ACCOUNTS

NOT TAKING YOUR EMPLOYERS MATCH

If your employer offers to match your 401(k) contributions to a certain percentage and you dont opt in, youre essentially leaving free money on the table. Make sure to contribute at least the amount your employer matches to your retirement accounts each month.

HIGH RETIREMENT ACCOUNT FEES

According to the Center for American Progress, the average worker will lose $70,000 from his 401(k) to fees. The promise of high yields might be tantalizing, but compare these account fees to ones attached to lower-yield options to determine the true value of your investment.

CASHING OUT YOUR 401(K)S BETWEEN JOBS

According to PBSs Frontline, 70 percent of workers in their 20s cash out their 401(k)s instead of rolling them over, while 55 percent of those in their 30s do that. That means youre paying taxes and a 10 percent penalty repeatedly on your savings if youre under 59 1/2.

NOT CAPITALIZING ON YOUR TAX DEFERRAL

There are a number of tax advantages that apply when youre saving for retirement. These are meant to be an incentive for saving, so take advantage of them by properly reducing your taxable income and letting these funds grow, tax-deferred.

BORROWING FROM YOUR 401(K)

This isnt always a terrible idea, especially if your other loan options come at a higher price; however, in general youre going to want to avoid borrowing from your 401(k). It will likely set you back far longer than the amount of time it took you to save those funds in the first place, thanks to compounding interest.

3. INVESTING AND SPENDING BLUNDERS

NOT CHECKING YOUR ACCOUNTS PERFORMANCE

Do you know how well your investments performed last year? Or over the last five years? Unless retirement is imminent, long-term performance should dictate which funds you invest in. Dont let years pass you by on low-return investments if other safe options yield better rates.

CASHING OUT YOUR PENSION

Your financial adviser might try to persuade you to cash out your pension from a former employer. Unless you really need the money now, th…