Avoid These 5 Mistakes in Your Retirement Plan

If you're new to retirement, you can expect to make some mistakes. It's all unexplored territory for you, after all, and you'll have to figure out some things as you go.

But you can learn a lot from the experiences of those who've gone before you--and that's especially important when it comes to your finances. Too many stumbles and surprises could take a toll on your hard-earned nest egg.

Here are some common errors to avoid:

1. Not guarding against market decline.

We've seen tremendous growth in the stock market for almost a decade--the second-longest bull, often dramatically. If you're near or in retirement when a correction occurs, it can be devastating. We will see another market correction; we just don't know when. It's crucial to put your emotions aside--euphoria, greed, overconfidence--and adjust your risk to match up to where you are in life.