1. Having too little. Most people either never calculate or underestimate how much money they’ll need to last through retirement.
  2. Not knowing when retirement will occur. Many workers retire earlier than expected, often before they’re ready.
  3. Living longer than planned. Retirees more frequently are exceeding their life expectancy and thus running the risk of outliving their savings.
  4. Not facing facts about long-term care. Many people underestimate their prospects for needing care, while relatively few have long-term care insurance or the means to self-fund an extended long-term care situation.
  5. Trying to self-insure against long life. By opting to access retirement benefits in lump-sum form instead of receiving lifetime payments, people pass up a golden opportunity to self-insure their longevity.
  6. Not understanding investments. Many workers are responsible for managing their workplace retirement savings plans, yet aren’t clear on how the investments within their plans work.
  7. Relying on poor advice. Many retirees and pre-retirees opt not to seek the guidance of a financial professional and later regret the decision.
  8. Not knowing sources of retirement income. It’s common for a worker to lack a clear idea of where their retirement income will come from.
  9. Failing to deal with inflation. Many retirees lack a long-term plan for growing income to keep pace with the cost of living.
  10. Not providing for a surviving spouse. What happens when one spouse dies before the other? That’s an issue many couples fail to adequately plan for.

Source: “Public Misperceptions About Retirement Security,” a study from LIMRA International, the Society of Actuaries and Matthew Greenwald & Associates.