Want to Retire at 50? Avoid These 5 Pitfalls

Tapping your retirement fund unnecessarily: When faced with a crisis, such as a job loss or medical emergency, it's tempting to raid your retirement fund. It might not even be an emergency. Maybe you want to use some of your savings to pay your child's college tuition.

If you dip into your savings, you'll likely have to work longer than if you hadn't. You not only lose the benefits of compounding interest, but you might have to pay a penalty for taking money out early.

Failing to adjust as retirement nears: Many people who expected to retire soon will have to postpone their plans now that the falling stock market has sapped their retirement funds. Some have less than half the money they thought they would have.

That's why it's important to invest more conservatively as you get older. If your portfolio is too risky, you stand to lose more if the market sinks, forcing you to work longer to earn that money back.

Building up credit card debt: Before you buy something with a credit card that you won't be able to pay off right away, ask yourself if the item is worth the interest you'll pay, and the extra years you'll spend at the office earning enough to pay it.

It's quite simple: You should put your money into your retirement fund instead of giving it to credit card companies. There's no better way to extend your work life than to fall deeply into debt.

Saving enough to retire early takes planning and discipline, but the reward is clear: If you spend less now, you'll have more time to do what you enjoy later.