Saving for retirement is often one of the biggest financial challenges in life because it’s a far-away goal requiring a long-term plan. It’s easy to lose sight of the end goal—financial independence and security later in life—when shorter-term and more immediate financial challenges demand attention now, like paying off student debt, saving for a house, or starting a family.

To help achieve a healthy retirement nest egg, avoid these retirement planning mistakes:

• Not starting early enough: One of the biggest retirement planning mistakes is not starting early enough. The longer you wait to start saving for retirement, the harder it will be to catch up later on. It's important to start saving as soon as possible, even if it means making small contributions at first.
   
• Not saving enough: Many people underestimate how much they will need and end up falling short. It's important to calculate your expected expenses in retirement and save enough to cover them, including healthcare costs and inflation.
   
• Ignoring employer-sponsored plans: Employer-sponsored retirement plans, such as 401(k) or 403(b) plans, often come with matching contributions from the employer. Ignoring or not taking full advantage of these plans means leaving free money on the table. Make sure to contribute enough to receive the maximum match from your employer.
   
• Not diversifying investments: Putting all your retirement savings in one type of investment can be risky. It's important to diversify your investments across different asset classes, such as stocks, bonds, and real estate, to reduce risk and increase potential returns.
   
• Failing to adjust investment risk as you near retirement: As you approach retirement, it's important to gradually shift your investment portfolio from higher-risk assets to more conservative ones. Failing to do so could result in significant losses if a market downturn occurs close to your retirement date.
   
• Not taking advantage of tax-advantaged accounts: Tax-advantaged retirement accounts, such as traditional IRAs or Roth IRAs, offer tax benefits that can help grow your retirement savings faster. It's important to maximize contributions to these accounts and take advantage of the tax benefits they offer.
   
• Borrowing from retirement savings: Borrowing from your retirement savings, either through loans or early withdrawals, can have serious long-term consequences. Not only will you miss out on potential investment returns, but you may also incur penalties and taxes. It's best to avoid using retirement savings for anything other than retirement.
   
• Underestimating healthcare costs: Healthcare expenses can be a significant burden in retirement. Failing to account for these costs can deplete your savings quickly. It's important to factor in potential healthcare expenses, including Medicare premiums, long-term care insurance, and out-of-pocket costs.
   
• Failing to create a comprehensive retirement plan: Retirement planning involves more than just saving money. It's important to create a comprehensive retirement plan that includes budgeting, debt management, estate planning, and long-term care considerations. Failing to address these aspects can leave you vulnerable in retirement.
   
• Not seeking professional advice: Retirement planning can be complex, and it's easy to make mistakes if you're not familiar with all the intricacies. Seeking professional advice from a financial planner or retirement specialist can help ensure you have a solid plan in place and avoid costly mistakes.

If you avoid these mistakes while planning and investing for retirement, you should be able to arrive at retirement prepared for financial independence and peace of mind.