Are you making one or all of the top 3 retirement planning mistakes?

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There are three big mistakes people make when saving for retirement. (Source: 3TV/CBS 5) There are three big mistakes people make when saving for retirement. (Source: 3TV/CBS 5)
You don't want to make these mistakes, so you can enjoy your golden years. (Source: 3TV/CBS 5) You don't want to make these mistakes, so you can enjoy your golden years. (Source: 3TV/CBS 5)
(3TV/CBS 5) -

Less than a third of Americans have long-term financial plans, according to a Gallup poll. Failing to make a plan and making popular mistakes could leave you with not enough money saved up for your golden years.

I sat down with financial expert, Lennard van der Feltz with Pinnacle Financial Advisors in Tempe. This company specializes in helping people save for retirement. He says there are a lot of people who make bad decisions when it comes to saving the right way long term.

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Top three mistakes:

No. 1 -

"The first one is not saving enough. That is really determined by what you want to get out of retirement," says van der Feltz.

No. 2 -

The second one would be, "Are you saving in the right places? Are you saving money for daily life now and not putting it all in retirement? You can over save," says van der Feltz.

No. 3 - 

"Thirdly, are you following a strategy that is suitable for your situation? Are you employed? Self-employed? Are you a business owner? Those questions are very different for each of those situations," says van der Feltz.

Bottom line, planning for retirement is not a one-size-fits-all situation.

It needs to be specifically catered to your career life now and what you want your life to be when you are done working.

Van der Felt recommends everyone sit down with a financial expert at least once because he says with help, you can sometimes turn bad financial planning around to ensure you won't be left empty-handed when its time to finally retire.

"It is amazing how much we can do. I am thinking of in 2008 and 2009, which was really a surprise when that [recession] hit and suddenly the money they thought they had was cut half. That's a lot of hard work for a financial planner, but we were able to to successfully help people through that," says van der Feltz. "The people who were working with us before the hit, they got through it without a bump in the road because we know recessions are gong to happen. We may not know when but we can prepare for that."

One of the biggest myths is financial planners cost an arm and a leg. van der Felt says most firms only charge fees based on your income and in most cases, the fee is smaller than you think.

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