By DAVE CARPENTER

| The Associated Press

Despite the best of intentions, retirees tend to make the same money mistakes over and over and over again.

Repeating the same scenario isn’t all unpleasant, as Bill Murray discovered while endlessly reliving Groundhog Day set in the movie version of Punxsutawney, Pa. You can learn to play the piano, speak French, ice sculpt, go out to a lot of nice dinners, and more.

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But eventually you’re going to run into trouble if you don’t break the pattern of financial neglect. The money simply may not hold up in the long run.

It’s time to wake up and address your errors before you get stuck in your own bad-money time warp.

A discussion of seven common retiree mistakes and how to avoid them:

Being too conservative with money » Treasury bonds, certificates of deposit and other savings instruments with scant yields can give retirees a false sense of security. They guarantee some income, however small, and can provide soothing protection from dizzying stock market volatility. But they don’t provide even a fighting chance to keep up with inflation in the long term.

Most financial planners say the safer move for the long haul is to devote a healthy portion of your portfolio to stocks.

"Retirees tend to be too willing to sacrifice future safety for incremental yields today," says Bob Wiedemer, managing director of Absolute Investment Management in Bethesda, Md.

Inflation’s impact is real, and ravaging over time. To illustrate its effect to his clients, financial adviser Allan Flader of RBC Wealth Management in Phoenix reminds them of the change in the price of a stamp over the past three decades — the length of many retirements nowadays. The cost of mailing a letter has gone from 18 cents in 1981 to 34 cents a decade ago to 45 cents today.

FIX: A rough guideline for asset allocation is to own a percentage in stocks equal to 110 or 120 minus your age. In other words, a 70-year-old would have 40 or 50 percent of her investment portfolio in stocks.

Putting off planning » Failing to create a financial or estate plan isn’t just a matter of missing out on investment opportunities or tax advantages. It can get you in trouble later in retirement when you’re no longer at the top of your game mentally.

About half the population over 80 suffers from significant cognitive impairment. And a decline in financial and investing skills can start much earlier.

Without guidance or a plan, elderly investors can harm their finances through unwise decisions.

FIX: Prepare thorough financial and estate plans and discuss future aging-related scenarios with an adviser.

Bailing out the kids » It’s possible to be too selfless and charitable in retirement if it means putting your own financial security at risk.

Financial advisers cite many instances of overly generous retirees.

Some seniors contribute to down payments for their children’s first homes even though they’re struggling to fund their own retirements. Others stretch to pay for the college expenses of a child or grandchild. One of the oldest maxims of financial planning bears repeating: You can take out loans for college but you can’t take out a loan to pay for your retirement.