It doesn’t matter if you have just begun your work life or are on the verge of bidding goodbye to your beloved job, or are planning for retirement; it is never too late for some savings.

But it goes without saying that for significant savings, you need to start your investment at a much earlier stage of your life.

Retirement is one of the biggest and most common goals that many people have. After all, your retirement savings determine how comfortably you’ll live and whether your money will outlive you.

Making the most of your retirement savings is essential if you want to build a nest egg that will withstand the risks of inflation, market turmoil, and your unexpected longevity.

And if you’re one of the millions of Americans who are on the other side of 40 and don’t yet have a substantial retirement nest egg, don’t despair. It’s not too late, but you need to implement some strategies that will put you back on track to an advantageous retirement solution.

Read on to know some of the best retirement saving tips.

Start today

The best piece of retirement investment advice is to start today. The longer your money has to grow, the more you’ll get out of compounding returns. Even if you can’t set aside a lot of money immediately, any amount you invest today will have the chance to compound. Over time, even a small start can make a difference.

Begin today with as much as you can, and then increase your retirement account contributions as your finances improve. The longer your money has to grow, the bigger your nest egg will be.

Plan and estimate

Roughly estimate how much money you’ll need to live on in retirement. Don’t get bogged down by conflicting advice on how to calculate the amount. A ballpark figure is a good starting place.

Knowing how much you’ll need not only makes the process of saving and investing easier but also can make it more rewarding. Set benchmarks along the way, and gain satisfaction as you pursue your retirement goal.

Contribute to your 401(k)

Contribute the maximum amount allowed for you to your 401(k) every year. You may want to contact a financial advisor or tax professional for further information on your specific situation. If you have matching contributions from your employer, be sure you take advantage of this benefit. These investment plans boost your retirement savings and may also give you tax savings now or when you start withdrawals, depending on your choice of plan type.

Automate your contributions

It’s not just about adding to your accounts on occasion. Consistency is a big part of growing a nest egg designed to see you through your entire retirement. One way to make sure you’re investing consistently is to automate your contributions.

The easiest way to automate is to have money taking from your paycheck automatically each month. If that’s not an option, set up an automatic transfer, or set up an automatic investing plan through your broker. That way, you prepare for retirement without having to think about it.

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