What are the biggest mistakes most people make in this situation?

I would say not getting a second opinion or researching the strategy or plan at the outset. Sadly, most people trust the first person they meet and do not seek alternative advice or solutions.

Sadly some people stop as soon as they see a negative picture. This could also be due to a lack of advice and guidance at a crucial time. This is up to the advisor to manage the client and their expectations. Sadly advisors do change and disappear all too regularly.

In terms of savings plans, typically consumers will make the following mistakes:

• Keep contributing blindly into what in effect is a black hole
• Never consider alternatives
• Bury their heads in the sand and refuse to listen to a second opinion.