Some common mistakes people make when saving for retirement include not starting early enough, failing to save enough money, not taking advantage of employer-sponsored retirement plans, and not diversifying their investment portfolio.

Starting early allows you to take advantage of compound interest, which means your money earns interest on top of interest. This can significantly increase your savings over time.

The amount you should be saving for retirement depends on your individual financial situation and goals. However, a general rule of thumb is to save at least 10-15% of your income each year.

Employer-sponsored retirement plans, such as 401(k)s, often offer matching contributions, which means your employer will match a percentage of your contributions. This is essentially free money and can significantly increase your retirement savings.

Diversifying your investment portfolio means spreading your money across a variety of different investments, such as stocks, bonds, and real estate. This helps to reduce risk and can help protect your savings in the event of a market downturn.