When it comes to retirement income strategies, there are no “hard and fast” rules. Everyone has different goals, a different risk tolerance, different timelines and so on. At the same time, there are still standard mistakes that are made. Here are two big ones you should avoid:

Mistake 1: Not starting to save
When do you plan to retire? If it’s more than 20 years away, it may seem like you have an eternity to ponder retirement income strategies. Because of this, many people put off beginning their savings due to the temptation of spending. Don’t give into temptation.

The sooner you start to save, the more comfortable you’ll likely be in retirement. Not only will you accumulate more money over time, but you’ll also be able to reap the most benefit from compounding interest. Plus, you’ll also be better positioned to absorb any downturns in the market.

And don’t put off retirement income strategies because you think you’re not earning enough: If you save even $10 a month, after 30 years you would have accumulated $8,322 (assuming an interest rate of 5%, compounded monthly).

Mistake 2: Underestimating your longevity
If you use one of the popular online calculators to estimate how much income you’ll need in retirement, you could be missing one critical fact: Most retirement income strategies underestimate longevity.

In the 1960s, it was common to spend only 15 years in retirement. Today, that number is closer to 30—yet most Americans haven’t adjusted their retirement income strategy accordingly.

Because you have no way of knowing exactly how long you’ll live, it might make sense to purchase a financial product that offers a guaranteed income stream for life. Some annuities do this through a “guaranteed lifetime benefit,” for example. You may also be able to draw on the cash value of some types of life insurance policies.

If you start when you are young, you have a much greater opportunity to save less and retire with more. This in turn leads to comfort and quality living when the time finally comes for your retirement.