Saving too much

Yes, believe it or not, there is such a thing as saving too much. Sure, it’s important to build yourself a nest egg and make sure your golden years are just that…golden, but you also have to live in the present and enjoy it as much as possible.

“It’s important to enjoy the experiences along the way,” says Steen. “Starting a family, walking the Appalachian Trail or investing in more education are things that can be harder to do, or less satisfying later in life.”

Starting a business

Becoming an entrepreneur and starting your own business can be exciting and profitable, but it can also leave you broke with not enough time and means to secure yourself a comfortable retirement. Not to discourage you from venturing into the entrepreneurial world, but if you do decide to do so, plan out your retirement goals and exit strategy in case things go south, so that your retirement savings are not affected by this endeavor.