Whether you are 25, 38, or 55, retirement is on the mind.

According to a 2016 GOBankRates survey, 35% of all adults in America have only a few hundred dollars in their savings. 34% of Americans have ZERO in their savings.

Are you a part of this 69% that have little to no money in their savings?

In order to increase your retirement savings plan, follow these 4 steps.

1. Personalize Your Retirement Savings Plan

Many financial advisors will recommend putting aside 5-10% of your monthly income for retirement. Although this may be a great plan, in theory, it may not be the right plan for you to practice.

If you are looking for more resources on this topic, the president of Tommy Mai Financial shares very great advice about finding your personalized plan for retirement.

Not every person has the same monthly budget; hence, their possibilities will vary. Now, you might be wondering: how much should I save? And if it is reasonable to put your money somewhere else. Well, do not worry. Retirement Investments is a great platform to find it all out. By taking their introduction quiz, you will know how well-equipped you are if you are looking for retirement soon.

2. Take Advantage of your Office 401K’s

If your employer offers 401k’s, you should definitely take advantage!

Many people put money into their personal savings and think that it is going to magically grow thousands and thousands extra over the course of a few decades. Sadly, that is not the case.

Interests rates are very low in savings accounts.

Contribute the maximum amount you can afford to your employers 401k programs. If they match you but in the % of your income that would match them.

Mathematically speaking, if you were to put $100 into your 401k every 2 weeks when you got paid, you would have put in $2,600 by the end of the year. That is just your contribution.

By having the employer match you, you will receive an additional $2,600 just for contributing to your plan. You are doubling your money FOR FREE!

And remember, the earlier you start the better!

3. Add an IRA

An IRA is a personal retirement plan. There is no harm in putting money into a 401k and into an IRA. It is just extra savings.

If you are married, you can contribute to a Spousal IRA. Doing so allows your spouse that is not currently working to contribute to an IRA with the same contribution limits.

IRA’s bring more interest based on the methods you choose (traditional or Roth) and where you have chosen to invest your money.

4. Consider Delaying Social Security

For every year you can delay receiving a social security payment, the more your amount will increase in the future.

Of course, this advice is for those individuals who are already getting close to their stages of retirement. You can begin taking social security once you turn 62, but you do not have to.

The longer you wait, the more your monthly money will increase. It adds up quick so be sure to try and delay this as long as possible to increase your retirement funds.

Financial Planning For Retirement is Hard

The sooner you start creating a retirement savings plan, the better. Making goals and doing the mathematical calculations can be difficult and very overwhelming.

Don’t leave it to the financial advisors to tell you what to do. Take control of your retirement plan and start saving now!

Thinking of traveling with your retirement money but are not sure where to go? Check out this article about the fun places to visit in Australia!