Investors have a lifetime to plan for retirement, and yet financial advisors agree savers make critical mistakes every day that cost them thousands later in life.

A host of issues exists that need to be explored over a lifetime in order to be able to retire in the best circumstances possible, say advisors recently interviewed by Financial Advisor magazine.

“This year the continuing debate over the Department of Labor fiduciary rule will put emphasis on retirement accounts, and this creates a perfect opportunity for advisors to highlight their capabilities in retirement planning,” says John Anderson, head of practice management for SEI Advisor Network.

“Advisors should get out in front of the discussion today. This year is a phenomenal time to talk about planning,” he adds.

One mistake individuals are making more frequently in this era of job mobility is to leave orphan retirement accounts behind at former employers, Anderson says. An advisor can use technology to bring all of his client’s accounts together into one plan, whether or not he manages the money, he says.

As clients get older they want to work a little less, but Leah Miller, CEO of Red Anchor Wealth Management in Charleston, S.C., says advisors should not let clients switch to part-time work without knowing how that affects pension benefits offered by the employer.

“Some pensions average the salary for the last five years to determine the benefit. Switching to part time could drastically reduce the pension payment for a lifetime,” she says.

“There are some other things that gripe me to my core,” Miller says. “I had five of these last year, where insurance salesmen were trying to sell pension maximization plans to people.” With those plans, the individuals used money to buy insurance with death benefits instead of putting it into a lifetime pension. “That is only a good deal for the insurance company. There are so many things to think about in retirement that go beyond investments.”

For example, older people get financial offers in the mail every day. “If you don’t understand it, don’t sign it,” warns Saul Simon of Simon Financial Group in Edison, N.J. “So many people without financial planners are in investment contracts they do not really understand.”

“Many people do not plan soon enough for retirement, but it is not necessarily their fault,” says Robert Klein, founder of Retirement Income Center in Newport Beach, Calif. “They do not realize how important a part planning early will play in the future; winging it will not work. Retirement planning is a very time-sensitive issue.”

Many people will not have as much money in retirement as they expect because they are not considering what money they will have to pay taxes on when they get the retirement distributions. They also are forgetting inflation will cut into their income, Klein says.

“Taking Social Security early because it is easy is a potentially big mistake,” he adds. “Deferring taking Social Security to let the benefits grow is usually better.”

But this is another issue financial advisors should look at for their clients,” explains Larry Rosenthal, president of Rosenthal Wealth Management Group in Manassas, Va. “I had a client who was going to defer Social Security, but to do that he would have had to use money from his portfolio until he reached 70 and his Social Security benefits were at their peak.”

Rosenthal ran the numbers for the client and his money lasted longer by using Social Security sooner and letting his savings grow.

“If the numbers show a client is going to run out of money in retirement, there are things he can do: save more money between now and retirement, retire on less, work longer, or take more risk in the portfolio. The last is not usually the best option,” he adds.

Many people approaching retirement have a desire to be debt free, says Ken Sutherland, founder of LifePlan Group in Raleigh, N.C. They want to take money from the 401(k) or IRA and pay off the house, the car or other debt.

“That’s going to push you into a higher tax bracket for that one year. Look at the alternatives first,” including possibly keeping the debt.

To avoid mistakes, everyone, even younger people, should hire an advisor to review their finances and their goals, says Rosenthal. “Even if it is only once a year, hire someone by the hour once a year to get that advice.”