Facing the challenge

Even if retirement is 20, 30 or even 40 years away, it's never too early to start thinking about it. Retirement planning isn't a one-time event; it's an ongoing process.

There's no set formula for retirement planning. Each plan is unique, but everyone should make one. And the sooner, the better.

How to get started

Saving for retirement while juggling other financial responsibilities might appear daunting at first, but if you break it down into manageable steps it will seem a lot easier. Here are some ideas to help you get started:

• Make saving a habit. Decide how much you can set aside in your monthly budget toward your retirement savings—and stick to your goal.
• Explore ways to save. How much you save and spend are the most important factors in achieving your retirement goals—even more important than how you invest. Look at your expenses and determine where you can cut back and how you can save more.
• Make the most of tax-advantaged retirement accounts like an IRA or 401(k). Investing in a tax-deferred account allows your earnings to compound free of taxes, so that even small contributions can grow into a significant sum over time.

If you're feeling overwhelmed, you can start small. It takes just $13.70 a day to contribute the current $5,000 per year maximum to a tax-deferred IRA.