The growth of defined contribution plans (e.g. 401(k) plans) is allowing many Americans to be more prepared for retirement than ever before. Approximately 50% of Americans participate in some form of retirement plan. And the next generation of retirees will be the first to rely on the income from these plans as the primary source of their retirement income.

But other statistics are more sobering. For example, the 2009 National Consumer Survey on personal finance finds that over 64% of American’s don’t think about retirement planning. And a 2019 retirement survey by GOBankingRates found that 64% of those surveyed expected to retire with less than $10,000. And of that number, 45% said they had no money set aside for retirement.

That means there’s never been a more important time for investors to have a plan. But even when individuals have a plan, they must avoid the common mistakes that can leave them short of their retirement goals.

In the report, Chris Markoch gives investors time-honored strategies to help build a solid retirement nest egg no matter where they are in the planning process.