Retirement should be your golden years. This is the time for you to do as you wish and put your feet up. But if you are not careful, you could spend retirement working to make ends meet and pinching every penny! Here are 10 mistakes to avoid to ensure a comfortable retirement.

1. Early withdrawal from retirement accounts
Withdrawing from your 401(k) should be your last resort. Ideally, you will never take this money until you reach 60 years old. You will get hit with taxes and penalties if you withdraw from your 401(k) before age 59 and a half. It could cost you as much as 25% of what you withdraw!

2. Not buying long-term care insurance
Medicare and health insurance plans do not cover long-term care. You must buy a separate long-term care insurance for that. Otherwise you are putting your nest egg, and your elderly healthcare, at a serious risk.

3. Taking risky investments close to retirement
If your retirement is only a few years away, be conservative with your investments. Losing a big chunk of your net worth right before retirement could be a detriment to your plan.

4. Underestimating your lifespan
No matter how cynical you are, truthfully, you might live longer than you think. As such, you must save more money. If you only saved until 70 years but live up to 87, then you will be in a serious bind.

5. Not prioritizing retirement savings
The longer you put your retirement fund off, the more you lose in compound interest. Done correctly, retirement saving does not require an incredibly large upfront investment. You just need time. So do not let other obligations get the best of you. Take care of yourself first and get that retirement savings going.

6. Not diversifying your investments.
It is best to diversify and have the proper asset allocation to reduce overall risk leading up to retirement. Focusing on fixed income and value-oriented equities will also help supplement other sources of income, which will ensure you have a comfortable retirement.