A journalist at the Daily Express is writing an article on the biggest mistakes people make when saving for retirement - and the pitfalls to avoid. Keep your responses to 2-3 sentences max! No need for an essay! &nbsp; &nbsp;

Biggest mistakes made when saving for retirement

"People all too often make mistakes when saving for retirement. Common mistakes include starting too late, not committing enough money to retirement planning and making poor investment decisions.
The risks of making mistakes can be reduced by getting advice from an independent financial adviser."

Poise Financial Planning is a firm of Independent Financial Advisers, delivering advice to clients in Central Scotland and throughout the UK. The firm is headed up by Chartered Financial Planner Graeme Inglis.

Poise Financial Planning

Graeme Inglis

"The biggest retirement saving mistake is not starting early enough. Most people don't appreciate the compounding power of long-term investment returns, nor the value of getting into the savings habit early in their working life. So the lesson is, even if you have to start small, start as early as possible."

HF Wealth Ltd.

Simon Lister

"One of the mistakes people make is to set up a pension when young, for example, in their twenties, and then never revisit it again. You need to look at your Financial Plan regularly and update it to ensure you are still on track. Another mistake is waiting too late to start. If you start planning in your twenties, it is much easier than waiting until you are in your fifties. Your money will have an extra 30 years to grow. A final mistake is basing 30-year investment decisions based on 30 minutes of news. People might read something in the paper and feel they have to act for the short-term based on this, when sometimes the best thing is to reflect and focus on the long-term."

An award-winning boutique team of Financial Planners and Mortgage Advisers in Borehamwood

The Orchard Practice

Joshua Gerstler

"The biggest mistake people make is only saving what they say they can afford, as it's normally too little. They need to speak to a financial adviser to find out how much they should be saving, and then work their living costs around that figure. Not the other way round."

We’re a multi-award winning, Chartered firm of Financial Planners with a 25-year heritage. Rowley Turton (IFA) Ltd was formed in 1996 by Alan Turton and Rowleys (formerly John Rowley & Co.), one of Leicester’s oldest independent firms of Chartered Accountants. We are now one of the UK’s leading firms of Chartered Financial Planners and Independent Financial Advisers, having won and been shortlisted for dozens of financial advice awards. In total, we look after more than £144 million for our clients. The focus on traditional service and values has never changed, but things have not stood still. We have always placed an emphasis on keeping abreast of the fast-moving financial world and continue to do so. We deal with the simplest query, to the most sophisticated investment and tax planning. Our service is designed to take on as much, or as little, of the burden of managing your planning as you would like us to. Our wealth of experience, our independence and our focus on ‘joined-up planning’ means that you can rely on us to do so and help you to achieve a successful financial future.

Rowley Turton

Scott Gallacher

"One of the biggest mistakes people make when saving for retirement is not having a plan in place. Think about when you might want to retire and how much you may need to live on in retirement.  Then put a plan in place to achieve this with the appropriate level of pension or savings contributions. Regularly re-assess to make sure you remain on target so you can retire on your terms with the retirement lifestyle you want."

Smarter financial planning for the digital age. We are an independent financial adviser (IFA) and wealth manager, providing a full range of financial planning services. Based in Ocean Village, Southampton, we have clients across the UK. At NorthStar, we bring a fresh perspective and innovative approach to wealth management. Our team of chartered financial planners combine their expertise with the latest technology to provide the highest quality independent financial planning and advice. We help our clients take control of their money, grow their wealth, protect their lifestyle and plan for a more certain future.

Biggest mistakes made when saving for retirement

5 responses from the Newspage community

Graeme Inglis

Director and Chartered Financial Planner at Poise Financial Planning

Simon Lister

Financial Adviser at HF Wealth Ltd.

Joshua Gerstler

Chartered Financial Planner / Owner at The Orchard Practice

Scott Gallacher

Director at Rowley Turton

James Thompson

Chartered Financial Planner at NorthStar Wealth Management Group Ltd