Saving for retirement can be tough, but if you take the proper measures, it’s an achievable goal. Once you retire, since you won’t have a job, you won’t be able to utilize a cash advance loan to cover short-term expenses, so it’s important to start saving.

On average, most Americans plan to retire between the ages of 62 and 70. However, according to a recent report from Wells Fargo, based on today’s economy, 12 percent of Americans say they won’t be able to retire until they are 80. In addition, a recent survey from SunAmerican Financial Group says the average American plans to retire at 69 years old – a five-year increase from a decade earlier.

When you consider how much money you need before you can safely retire, there are three major factors to consider:

• How successfully have you been saving?
• What kind of retirement lifestyle do you want?
• What would be your ideal age for retirement?

In order to make sure you meet your financial goals, the Department of Labor has some advice on a few ways you can save for retirement. Since the average American spends 20 years in retirement, it’s important to save carefully.

Never Stop Saving

If you have already been good about putting money away for retirement, don’t stop now. Unexpected life events, such as health issues, can lead to an early retirement, so keep on saving. Remember, the sooner you start saving, the more time your money will have to grow.

Know How Much You Will Need

To maintain the same living standard you have now, financial experts say you will most likely need to spend 70 percent of your pre-retirement income every year. For those in a lower income bracket, this share is closer to 90 percent. One of the best ways to get the ball rolling on your retirement savings is to use retirement plans, and also consider the impact of Social Security.

When planning for your retirement, timing is everything. You’re never too young to start saving, and the golden years of retirement can sneak up on you, so you should get started soon.…