As older Americans approach retirement, many may be realizing their financial planning isn’t what it should have been. That could mean they need to postpone retirement—or abandon the idea altogether.

“Most people don’t spend much time even thinking about retirement,” says Stephen Ng, founder and president of Stephen Ng Financial Group. Ng is also the author of 10 Financial Mistakes You Should Avoid: Strategies Designed to Help Keep Your Money Safe and Growing.

“They see it as a far-off time when they will have magically accumulated the Money they need to jet around the world, pay for their grandchildren’s education, or otherwise have fun,” says Ng.

That leaves them unprepared for the reality, Ng says. They may need to work part-time just to get by. It’s possible they will outlive their money.

“There’s no reason to work hard your whole life, but end up without the money you could have had because you failed to avoid common mistakes people make,” Ng says.

Read about Ng’s three examples of Avoidable Errors.

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