Retiring too soon? How to make sure you won't outlive your money.

They are the top three mistakes that people make with their money and can ruin plans for retirement.

Matt Loverine, a Financial Professional with the MetLife Premier Client Group based in Milwaukee, was a live on the CBS 58 News at 4 PM Wednesday to help consumers avoid a retirement nightmare.

The first step is in acknowledging what you haven't done.

Too often people are carrying too much debt and do not have enough of a rainy day fund saved.

They also don't have the proper amount of insurance in place.

The third biggest mistake is waiting too long to save for retirement.

Matt's advice includes:

Maximize your retirement savings. An employer-sponsored retirement plan is a start, but experts agree that how much you save, and when you start, will determine the type of retirement you can enjoy.

Establish an estate plan. Creating an estate plan can assure that your assets will be transferred to your beneficiaries as efficiently as possible while minimizing tax consequences.

Make employee benefits work for you. Employer-sponsored life, disability, health and retirement benefit plans are a cost-effective way to ensure your financial security is on the right track.

Protect yourself and your dependents. Consider purchasing individual life insurance policies for yourself and your partner to help replace the lost income used to pay your mortgage and day-to-day expenses in the event of death. Also consider disability insurance to help replace a portion of your income if you become disabled and are unable to work.

We've attached the live interview to this story.