6 Things You're Doing To Delay Your Retirement

Millions of senior citizens are discovering that they do not have adequate financial resources to retire. Some seniors are unable to retire due to the recent economic crisis and others due to poor financial habits. The stark truth is this: the financial decisions that you make on a daily basis have a direct impact on your financial future.

Poor financial habits will have you working longer, retiring later and finding yourself flat broke in your golden years. Here are six financial habits that could be keeping you from reaching your retirement dreams.

Trying to keep up with your neighbors by owning every possession that they have will delay your retirement. One of the most effective ways to reach your retirement goals is by simply living within your means. Set your budget and stick to it. Spending too much on expensive clothing and jewelry can have you spending your golden years right beside the Joneses - in the financial poorhouse. (For more, check out Stop Keeping Up With The Joneses – They're Broke.)

Bad habits have a way of quickly eating up your retirement savings and keeping you from your retirement goals. Smoking, drinking and gambling are expensive habits to have and the cost is only going up each year. Smoking a pack of cigarettes a day will cost you $1,825 per year. Over a 50-year time period, this adds up to $91,250!

While drinking a glass of wine a day can lengthen your life expectancy, imbibing too much alcohol will kill your finances. With the average price of beer running at $4, just drinking two bottles of beer a day can cost you $56 a week. That's almost $3,000 a year that could have been used to fund your IRA.

Poor financial planning is causing many senior citizens to work during their golden years. According to the Bureau of Labor Statistics, the average American has less than $50,000 in a retirement account. This includes young adults and baby boomers near retirement age. So, how can you avoid falling into the same situation? Sock away as much money as possible! Max out your contributions and plan to save more money than you think you will need so that you can survive financial emergencies.