6 tips to help you save for retirement

Many Americans struggle to understand the logistics of retirement and how to save. In fact, one in four Americans have no retirement savings and, in many cases, those who are saving aren’t putting away enough. Here are six practical tips to help you get ready for retirement.

1. Understand your current spending. Know how much you currently spend so you can compare it with your projected retirement spending. Managing your current spending can help you save for the future.

2. Plan your future lifestyle. Now’s the time to think about how you want to live out your golden years. Many people assume their retirement spending will amount to approximately 70 percent of their current spending (known as the 70 percent rule). This may not be realistic by today’s standards. Consider how you want to spend your retirement, and create a budget to match that lifestyle.

3. Expect inflation. Rising prices are inevitable. Be sure to keep inflation in mind when planning your retirement.

4. Save on auto-pilot. Setting up regular deposits into a savings account can help you build your nest egg without having to lift a finger.

5. Pay off your mortgage. Home expenses comprise a significant portion of your fixed costs. Paying off your mortgage before retirement can help eliminate this monthly expense.

6. Work with a financial adviser. Hire a good investment professional and work with them regularly to keep your savings on track. Ask friends and family members for recommendations if you don’t currently work with a financial adviser.

With proper planning and a little help, you can prepare yourself for the realities of retirement.