To get closer to Fidelity's recommendation of having eight times your salary saved by 60, follow these four steps so your money can grow over time:
1. Contribute as much of your income as possible. Most experts recommend setting aside 10 percent or more in a tax-advantaged retirement savings account, such as a 401(k) plan.
2. Automate your contributions. Have your employer do a payroll deduction or have your money taken out of your checking account and sent straight to your retirement account. You'll never see the money and will learn to live without it.
3. Get in the habit of upping your savings consistently, either every six months, at the end of each year or whenever you get a raise. Again, if you make this automatic by setting up "auto-increase," you won't forget to up your contributions (or talk yourself out of setting aside a larger chunk).
4. Invest in something other than your retirement-savings plan. Enrolling in your employer's 401(k) plan is a good start, but experts say that it may not provide enough to fund your future. It's smart to consider alternate retirement savings accounts, such as a Roth IRA, traditional IRA and/or health savings account.
You can also research low-cost index funds, which Warren Buffett recommends, and online-investment platforms known as robo-advisers.
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