Start Early Preparation for Retirement

It's never too early to start saving for retirement. The moment you begin earning an income, it's time to put money away for retirement.

If you're in your 20s, you're probably still saddled with school loans and carrying your share of debt. While it's tempting to put off worrying about retirement for a decade or two, now is really the time when the foundation for a successful retirement needs to be set. Begin by learning the facts. Study the intricacies of 401(k) plans and read up on tax laws. Information is power.

Once you've learned the lay of the land, create a written retirement plan. Establish goals and figure out what it will take to achieve them. Your goals will likely change over time, but having a blueprint in place will help you along your way.

The next step is to start saving. Set aside 10% from your gross pay each month. To make things easier, it's wise to schedule automatic payments to your 401(k) plan. It will save a lot of hassle and remove the temptation of spending the money.

Now that you're saving money, don't undermine your financial situation by running up huge credit card debts. Spend within your means. Being responsible now will strengthen your retirement down the road.

Finally, don't rely on the government to bail you out. People are living longer these days, meaning they're retired longer too. Social Security won't always be there to save the day. Your retirement is in your own hands.