If like most people you plan to retire some day, take some good advice and avoid these five mistakes that could postpone or prevent you from enjoying your golden years.

1. Procrastinating. Those who hesitate are lost.  It’s never too early to start planning and saving for your retirement.  People often put it off for a couple of days, which then turns into months and years.  Then, before they know it, retirement is just around the corner and it’s too late.  Instead of retiring, they are looking for a job at the mall or fast food restaurant.
2. Skipping an employer plan. If your employer has a 401(k) or similar retirement plan and you’re not in it, hit have your friend slap you across the face. If your company has a matching-contribution plan and you’re still not in it, have your friend hit you with a baseball bat.  First of all you are missing out on tax savings today.  Contributions you make to a 401k plan can be tax deferred, meaning you won’t pay tax on those earnings until you take the money out of the plan years from now after you retire.  Most plans let you have the money taken right out of your paycheck, which is not only easy, but after the tax savings you will hardly miss after a while. Second, you are missing out on free money from your employer.  When an employer provides a matching contribution, they are giving you money by contributing directly into your plan based on how much you contribute.  This could provide you with a 50% or 100% return on your investment before you even consider market returns that you may earn.
3. Saving for college first. Look at it this way: If you put all your spare money into a college fund for your kids, do you think they are going to fund your retirement? Good luck with that. That’s not to say you shouldn’t try to save for your children’s education, but your retirement is the first priority.
4. Investing too conservatively. The recent market meltdown was enough to scare anyone into putting money into only the safest — and lowest paying — investments. Most advisers say that’s a mistake, especially if you’re more than five years from retirement. Putting your money in blue chips is OK, however. Better there than in ultraconservative holdings.
5. Investing too aggressively. This of course is the flip side of the too-conservative approach. Some may feel they have to catch up — quickly — for recent market losses by taking chances on risky stocks. Don’t do it. Stick with solid, moderate-risk investments. And the diversity rule is: Don’t put yourself in a position where the failure of one part of your investments dooms your whole portfolio.