In the past, workers could often count on company pension plans to secure their retirement. Today, however, the responsibility for saving and investing for the future lies largely with individuals, making retirement planning a bit more complex. The increasing longevity of the average person is both a blessing and a challenge—while longer life means more time to enjoy retirement, it also means ensuring your savings last longer.

Here are five common money mistakes retirees often regret—and how you can avoid making the same ones.

1. Delaying Retirement Savings

A general guideline is that retirees will need around 80% of their pre-retirement income to maintain their standard of living. Social Security typically covers about 40% of that. If you haven’t started saving yet, or if you haven’t saved enough, it’s time to rethink your strategy. Starting early, ideally in your 20s or 30s, allows you to take advantage of compounding and the market’s long-term growth potential, giving your savings a solid foundation.

2. Stopping Contributions During Market Downturns

During a bear market, watching your portfolio lose value can be disheartening, leading some to stop saving altogether, thinking they’re “wasting money.” However, downturns can actually be an opportunity. When stocks are down, you’re able to buy more shares at a lower price, meaning you can take advantage of potentially higher returns when the market rebounds. Continuing your contributions, or even increasing them, during these times can be a smart strategy for long-term growth.

3. Relying on Average Life Expectancy

Many retirees base their savings on the average life expectancy for their age group. While this is a helpful benchmark, it can be risky. If you live beyond the average—into your late 80s or early 90s, for instance—your savings may run out before you do. To account for this, plan as if you might live 5 to 10 years longer than the average estimate. This will help ensure your finances are better prepared for a longer retirement.

4. Retiring Too Early

The idea of retiring in your 50s can be tempting, but it often puts a heavy strain on your retirement savings. The earlier you retire, the more time your investments need to last without the benefit of additional contributions. Instead of rushing into early retirement, consider working a little longer, either part-time or full-time, to give your savings more time to grow. This delay can also give you more time to defer withdrawals, ensuring your assets last longer.

5. Overspending on Adult Children

While it’s natural to want to help your grown children financially, offering too much assistance can be detrimental to your retirement savings. Whether it’s cosigning mortgages, giving large loans, or funding their ventures, these financial contributions can deplete your resources. If you choose to support your children, treat it as a gift you’re willing to part with, without expecting repayment. This mindset can help you evaluate whether you can afford such support without risking your own financial security in retirement.

By avoiding these common mistakes, you can make smarter financial decisions that will help ensure a more secure and enjoyable retirement. Planning early, managing your savings wisely, and being mindful of your financial priorities will go a long way in helping you live comfortably throughout your golden years.