It's easy to procrastinate so set up a "painless" payroll deduction for saving.



Start early. The sooner you start saving, the more time your money has to grow. Put time on your side. Make retirement savings a high priority. Devise a plan, stick to it, and set goals for yourself.

In 2005, of those who had 401(k) coverage available, 25 percent didn't participate. If you are one of these, get enrolled and participate!

If you can, consider working a few extra years after your retirement age. It can make all the difference in your retirement income.

Call the Social Security Administration at 1.800.772.1213 for a free Social Security Statement and find out more about your benefits.

On average, a female retiring at age 65 can expect to live another 20 years, 3 years longer than a man retiring at the same age. Savings can increase a woman's chances of having enough money to last during her retirement.

Take inflation into account. A mere 3 percent gain each year can mean you will need nearly twice your salary at 40 to live comfortably at 80.

Social security benefits are not determined by your total contributions. Instead, your benefits are based on your 35 highest earning years.

Consider moving when you retire. If you love in a location with a high cost of living, moving to a lower cost area such as Florida can make a big difference.

Select a target date for your retirement. Now assume you will need 70 percent of your current salary to live comfortably on that date. How much money will you need for 18 years of retirement and where will it come from?

If your employer offers 401k plans, try to maximize your contribution. This is particularly true if they match your contributions in any way.

Retire to a warm, dry location. Areas such as Las Vegas tend to have fewer pollens and pollutants in the air, which is good for your health. Good health equals lower medical bills.

If you have a lump sum of cash to contribute to an IRA, go with a Roth IRA. Why? You will get the distributions tax-free.

Some 51% of Americans age 55 and older have saved less than $100,000. Some 28% have saved $250,000 or more.

When is it too late to start saving for retirement? It never is. People starting at 50 can still save a lot of money.

If you consider playing the weekly lotto to be your retirement plan, it is time to wake up. Time will pass before you know it and you will have to be ready to retire. Save now or you will seriously regret it when your measly social security check floats in.