The typical American spends 20 years in retirement. But only 21 percent of workers feel they are saving enough for the long stretch. To make those years healthy and happy, it’s key to plan ahead and save. If you have not begun saving yet, don’t panic. It is never too early or too late to start. Here are five basic steps to get you started, no matter what your current savings.
1. Start with a goal. Here is a quick calculator to see how much you need to save.
2. Start small and slowly increase the amount you put aside.
3. Start adding multiple money sources. Explore 401k, IRAs, Social Security and others.
4. Start to adjust your lifestyle. Living on less income later won’t be such a shock.
5. Start saving now. A few years makes a big difference.
Be sure to talk to your employer about the savings and retirement options that may be available to you. There is no better time than now to become savings-savvy.