Whether you love your job or hate it, you will want to leave someday. What happens when that day comes depends largely on what you do now, starting with how well you plan for retirement.

There are dozens of wildcards in retirement planning, from how much you make and how much you spend to how long you work and how healthy, or unhealthy, you are. And while some of these factors are outside of your control, others are not.

You may not be able to control how much you make, for example, but you can make the most of your paycheck. You may not be able to stop yourself from getting sick, but you can do what you can to improve your health and live a healthier lifestyle.

When it comes to retirement planning, there are things you can do to make the most of the money you have available. Here are some practical tips to make the most of your retirement planning.

Start as Early as Possible

It is never too early to start saving for retirement. In fact, the sooner you start saving for retirement, the less you should have to save. Thanks to the power of compounding and the accumulation of profits, getting an early start on retirement is one of the smartest things you can do.

You may not be thinking about retirement your first day on the job, but you should be. If you want to enjoy a financially secure post-work life, getting a head start on your retirement savings is one of the best ways to do it.

The great thing about starting early is that it allows you to start small. You can start with as little as one percent of your paycheck, and then work your way up from there. Better still, seeing your account grow over time could give you an extra incentive to save even more.

Take Advantage of Free Money

You might think that no one in their right mind would turn down free money, yet millions of workers are doing just that. A surprising number of working adults are not contributing to their 401(k) plans at work, even when their employers offer free matching funds.

Even more workers fail to get the maximum match, missing out on free money they could be earning. If you want to start saving for retirement, capturing that free 401(k) money should be your very first step. So ask your boss about the rules for your 401(k) plan, and make sure you contribute enough to get the maximum matching funds.

Prioritize Tax-Deferred and Tax-Free Accounts

You have to pay taxes eventually but putting off taxation is a great way to grow your retirement funds. By prioritizing tax-deferred retirement assets like 401(k) plans and tax-free options like a Roth IRA, you can lower your tax bill over time, so your money works harder for you now and later.

There are plenty of tax-deferred and tax-free retirement plan options out there, from the 401(k) your employer offers to the Roth IRA you can open at any brokerage firm or mutual fund company. If you are not already doing so, maxing out these plans can give you a jump start on your retirement planning.

Seek Advice

Retirement planning can seem like a complicated endeavor, but it does not have to be. If you are unsure how to get started, contact an investment professional who can guide you by learning about your personal finances, current investments, future goals, risk tolerance and investment time horizon.

Seek an investment professional that will have your best interest in mind and not sell you high cost products. Look for an advisor who is interested in learning about you and not focused on just selling their service. 

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