Not knowing how to plan for retirement

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Failing to account for inflation

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Failing to estimate a reasonable inflation rate

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Failing to determining a realistic life span

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Failing to estimate a reasonable retirement income

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Failing to determine a realistic retirement date

Failing to account for Social Security limitations

Failing to set up a supplemental savings plan

Many retirement plans offered by local, state, and federal employers, and a few private companies, are generous and sufficient on their face, and don't appear to need a supplemental savings plan. 

However, all of these, including Social Security, have very large unfunded mandates that cloud the future viability of such plans.  Many "defined benefit" plans have already been discontinued, and those still surviving face cancellation for being far too expensive to continue.  Government plans, including Social Security, do not pay for themselves.  What you contribute is severely insufficient to cover your future promised benefits. 

The trend is toward "defined contribution" plans, which is just a fancy way to say that you only will get what you actually pay for.  In this climate, you as the retiree are the one responsible for insuring that your retirement needs are met. 

Failing to have an intelligent investment strategy

This is the most volatile part of retirement planning.  Unfortunately, reward and risk are inextricably linked so that higher rewards entail higher risks.  In addition, charlatans abound promising rich rewards, but delivering nothing.  The most valuable strategy you can employ is to sufficiently diversify your investments on the probability that financial catastrophe will be limited and not widespread.