The fact about retirement planning is that, due to the power of compound interest, the sooner you start saving, the better off you may be. It’s essential to know that you’re not alone and that there are actions you can take to enhance your retirement savings even if you started saving for retirement late or haven’t started yet.

Take into account the following advice to increase your savings and seek the retirement you desire, regardless of your present stage of life.

1) Especially if you’re just beginning to put money away for retirement, start saving as much as you can now and let compound interest

2) Consider establishing an individual retirement account (IRA) to help build your nest egg.

3) Take advantage of catch-up contributions if you’re age 50 or older

4) Make your retirement contributions automatic each month and you’ll have the opportunity to potentially grow your nest egg without having to think about it

5) Examine your budget. You might negotiate a lower rate on your car insurance or save by bringing your lunch to work instead of buying it.