If hindsight is 20/20, no one would make mistakes – including RRSP missteps. Now, more than ever, it’s important to invest wisely.

“The whole concept of retirement is changing,” says Greg Pollock, the president and CEO of Toronto-based Advocis, The Financial Advisors Association of Canada.

Experts predict that in the coming years, more retirees will work part time or venture into self-employment, some because they want to and others to make ends meet. Even if you enjoy working, you will likely want to – or have to – stop at some point.

If you don’t want to be invited late to your own retirement party, try to avoid making these RRSP mistakes:

Don’t wait too long to start. Even if all you can afford to sock away is $25 per month in your 20s. “Most people don’t start thinking about retirement investing until they’re in their mid-40s,” says Pollock. “That’s too late.” To get the best RRSP returns, you need to take advantage of compound interest over several decades.

Don’t misjudge how much you will need. “Underestimating how long you think you’ll live can result in a savings shortfall,” says Pollock. Paint a clear picture of how you envision retirement. Do you want to travel in Europe in your 60s? Or simply not worry about covering the rent in your 70s and beyond?

Don’t invest while drowning in debt. Saddled with student loans or credit card debt? “It’s best to pay down all or as much as you can before you start contributing to RRSPs,” advises Pollock.

Don’t make infrequent contributions. If you are tempted to skip a year here and there so you can afford to buy that expensive item you have been eyeing, resist.

“Get in the habit of making annual contributions to your RRSP,” says Pollock.

“The more you invest over the long term, the better the returns.”