1. Calculate What You Need to Save
According to a study by GOBankingRates, 24 percent of respondents say never being able to retire is their top fear. But many people don’t know how much they need to put away for their retirement, said Kathleen Hastings, a certified financial planner and portfolio manager with FBB Capital Partners.
“Unless you have a good idea of where you want to be when you retire, you’re shooting in the dark with blinders on,” she said. So calculate how much you should be setting aside for the standard of living you desire.
Start by using a free online calculator, such as Vanguard’s Retirement Income Calculator or the Fidelity myPlan Snapshot, to get a general idea of how much you need to save. Once you have an estimate, you might be more motivated to boost your savings.