Financial security in your old age takes some advance planning, and you’re never too young to start making plans. If you prepare well in advance for your retirement you can better manage your finances to make it last as long as possible and plan ahead in case of illness or incapacity.

Start Saving as Early as You Can Manage

The earlier you start making savings for your retirement, the more you’ll be able to save. Even saving just a little every month can be enough to get you started. Put aside a little bit each month and stick to it. It’s never too early to start saving. If you start now, you can spread out the cost of setting up a generous retirement fund.

Pay Into Your Employer’s Pension Plan

If your workplaces has a pension scheme, pay into it so they will have to make contributions too. You may pay less tax on your contributions, and over time, this can make help you to save a lot more. Ask your HR department about any 401k plans they have that you may be able to join too.

Don’t Touch Your Retirement Savings Unless It’s an Absolute Emergency

Once you’ve started saving, don’t be tempted to withdraw any of the money for something else, unless you really have no other choice. If you dip into your retirement fund, you’ll have less to live on later on. If struggling to leave your savings alone, a financial advisor can help you to manage your funds better.

Take Advantage of Different Sorts of Retirement Accounts

If possible, increase your contributions up to the maximum allowed in your 401k, IRAs or other retirement plans. Try to get enough into your 401k to qualify for any contribution matching that your employer will male. The more you pay in, the more they’ll pay in, giving you more savings for later.

Consolidate Your Accounts

As you get older, you could think about consolidating your accounts to make managing them simpler. Combine any IRAs of the same type with one institution. Find old 401ks you might have with former employers. Organizing your money into fewer places makes it simpler to keep track of how much you have and where.

Shrink Your Debt

Pay more into your mortgage payments now if you can so that you’ve paid it off before you retire, giving you one less thing to pay for in your old age. Stay away from running up new debts on credit, and instead aim to pay cash for any big purchases you make. Minimal new debt means your retirement income doesn’t need to be spent on interest payments and clearing debt.

Set Aside Some Money for Your Future Care and Other Costs That Can’t Be Predicted

If you’re worried about how your children will afford to look after you, set aside some funds for things like medical bills, funeral costs, or nursing home bills. Some emergency funds for paying for unexpected health care emergencies or unexpected costs like moving to a new retirement home are also a wise idea to have separate to your main retirement funds.