TODAY   |  September 28, 2013

What to do in order to retire on time

It is still possible to retire at 65. One expert says it’s all about planning, saving and reining in day-to-day spending to focus on long-term financial growth. TODAY’s Lester Holt interviews CNBC’s personal finance correspondent Sharon Epperson.

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This content comes from Closed Captioning that was broadcast along with this program.

>>> so what can you do if you're worried about your retirement cnbc sharon eppson is here to help. the recession, people lost their savings and maybe lost their jobs. was there also some bad retirement planning along the way?

>> there was likely. and that is that they did not save enough along the way. they were under saving and then also the fear of what was happening doing drg that recession caused a lot of people to pull out and pull out at the wrong time, missing the market gains that we have seen recently.

>> what is the most common mistake that people make in their retirement planning ?

>> they do not save enough. they are spending too much and not putting enough was he faway for savings and not thinking about retirement are look longer term. for some people, going to the golf course is not what they want to do. they think that is the images they see but actually they may have something they enjoy doing. working and retirement doesn't have to necessarily working in a 9:00 to 5:00 job you have right now but it might be doing something that gives you an income that you enjoy doing.

>> a lot of us are living longer. you retire at 62, you may be retired 25 to 30 years. tell us what people should do right now to avoid this trap.

>> think what you can cut out now and save more. try to save 10% of your salary. also think about what the long-term growth is going to be like. don't worry about what is happening year-to-year, month-to-month. the statements that come in can be so scary sometimes when there is something happening with the market but you're thinking about longer term. work with a financial adviser because sometimes you need someone to help you to figure out what to vest in but also help you stop yourself from doing those things like taking the money out and overspending, getting rid of that credit card debt . you need somebody to be a check on you.

>> a mindset change has to take place as you approach this retirement date, don't you?

>> i think you have to reimagine retirement. when i think of retirement, i think of my grandfather and prnts grandparents. my grandmother is 76 and she goes to the gym every day. maybe something you can do during retirement and make money at but it's fun work in retirement.