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Start planning for retirement now.
Start planning for retirement now. maitree rimthong from Pexels

According to the U.S. Department of Labor, only 40 percent of Americans have actually calculated how much money they would need for their years in retirement. Since Americans spend around 20 years in retirement on average, it would be important to start planning for it as early as now. Here are some steps you might want to take in order to rest easy in your later years.

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Start saving right now.

No matter where you are in life or how old you are, you need to start saving right now. If you have already started, great job! If not, it's high time you start doing so. If you tend to spend a lot of your salary on monthly needs, then don't worry about starting with a drastic amount. Simply start small and see how things go. Once you get used to it, you can try saving a bigger amount every month. The important thing is to simply start somewhere - period.

Contribute to a retirement savings plan.

Does your employer offer a retirement savings plan - perhaps a 401(k) plan? If so, it's time to sign up for it if you haven't yet. If you've avoided it thus far because you're worried about the hassle, the deductions are actually made automatically so it won't be a burden. Plus, you'll pay fewer taxes in the process. Make sure you learn as much as possible about the available plan, though, so you can calculate how long you have to stick with it to get the money that you need for retirement.

Find out your pension plan.

If you have a traditional pension plan at work, find out your coverage, how it works, and what it's worth. Consider checking what will happen to the benefit if you decide to find another job, as well, just in case. It's always best to think ahead and know all of the options available to you.

Invest in the right channels.

Learn and understand how your savings plan and pension plan are being invested. If you're afraid of looking dumb for asking a bunch of questions, put those feelings aside for now. It is very important to know where your money is being invested and if it's being invested in the right channels. Your investment choices should always depend on your personal needs, and knowing exactly where your money is going will ensure you end up on the right path to retirement.

Ask questions.

Having said that, make sure you always ask questions when you don't understand what's going on with your money. Better yet, get in touch with knowledgeable people in the field, like your bank, your employer, or your financial advisor. Getting practical advice from experts will be a huge help when planning for retirement.

Don't have a financial advisor? Smart Asset can help you find one. All you have to do is take a brief online quiz and Smart Asset will match you with up to three financial advisors near you. You can then review your matches during your free time and speak to licensed financial advisors completely free of charge.

Take the online quiz now and find a financial advisor who can help you plan for retirement.