These days most people are responsible for their own retirement savings. High schools don’t have required classes on 401(k)’s and Independent Retirement Accounts (IRA’s). And colleges usually don’t teach anything either.

The best way to start saving is a small amount of your monthly income and start this as early and often enough that savings becomes second nature. 

Now that you’ve started saving for your retirement make sure you’re investing that money wisely. You can read books, research the right way to invest, or Google the subject. So, let’s get to the bottom with some simple tips on how to save for retirement. 

Start saving, keep saving, and stick to your goals. 

Saving is a rewarding habit. The sooner you start the more time you have for it to grow.

Know your retirement needs.

Retirement is expensive. Experts estimate that you’ll need 70 to 90 percent of your pre-retirement income to maintain your standard of living when you stop working. If your employer has a retirement savings plan such as a 401(k) , contribute all you can. You’ll have lower taxes and your employer may put in more and automatic deduction. Make it simple.

Consider basic investment principles. 

How you’ll save is as important as how much you’ll save. Inflation and the type of investing you do plan an important role in how much you’ll have for retirement. Learn about what your options are and ask questions. Put your savings in different types of investments.

Do not touch your retirement savings. 

If you withdraw your retirement savings you’ll lose principal and interest and you may lose tax benefits or pay withdrawal penalties. If you leave your savings invested in your current retirement plan, or roll the one to an IRA or new employer’s plan.

Find out about Social Security benefits. 

On average, Social Security retirement benefits replace 40 percent of pre-retirement income for retirement beneficiaries. Check with the Social Security Administration to calculate your benefits.

Adjust your nest savings to make up for lost ground. 

Life gets complicated and financial goals change year after year. If you haven’t been able to put away as much as you wanted for retirement you can still meet those goals by: making catch-up contributions to your 401(k) if your plan allows, pay off debt then place those funds in retirement savings, or maybe extend your retirement date by a year or two.

Reassessing your budget yearly and checking on your retirement plan at least once a year deserves equal attention even if you’re just making sure all personal information is up to date.

The ways you invest for retirement and the options you select should be taken into account with timeliness and risk tolerance level. The more you understand your options and overall financial plan the better you’ll be equipped heading into your retirement years with confidence.