Planning for retirement should start when you get your first job, so even if retirement seems a long way off, now is the time to start.
If you’re close to retirement and starting to panic about what you have saved, it’s never too late to work toward a savings goal. Frankly, you’re not alone: Nearly a third of age 55-and-up households didn’t have any pension or retirement savings in 2013, according to AARP.
“The worst thing you can do is throw up your hands if the number feels out of reach,” AARP says. “First: Save, save, save. Savers can double, on average, their nest eggs in the last decade or so of their working lives, thanks to the magic of compound interest.”
Here are some ways to save for retirement.
1. Set a savings goal
Your goal will be different from the goals of others and it should depend on where you live, your health and how long you expect to live.
Start by determining your retirement costs. They could be 80-100 percent of your current costs because, as EisnerAmper Wealth Advisors managing principal Dan Yu points out, most people don&rsq