It is commonly known that the sooner you start saving when planning for retirement the better it will be; however, it is never too late to get started and even if you by misfortune started late, there are some steps you can take to maximize your savings and better prepare in order to be in good shape at your retirement stage. 

Here are my suggestion and ideas for this:

Recognize the valuable need to put money away for retirement.

If you just got started focus on saving as much as you can; if you are near

retirement then consider increasing your contributions and delaying Social

Security income as long as possible.

Contribute to your 401K and meet your employer’s match as much as you can. If your

employer offers a 401K, take advantage of it. Maximum allowed contributions may vary so I would check with your CPA and/or current financial advisor. Additionally, if your employer

offers a match make sure to contribute enough to take full advantage of the

match 

Consider establishing an IRA. Traditional IRA- It is funded with pre-tax contributions which might be tax deductible depending on your income and whether you and/or your spouse

are covered by a retirement plan at work. The investment earnings grow tax-deferred until you make withdrawals during retirement.

Roth IRA– It is funded with after-tax contributions, once you reach age

59½,qualified withdrawals, including earnings are federal-tax-free (and may

be state-tax-free) if you’ve held the account for at least five years.

Again make sure you consult with your CPA to determine which IRA is most suitable

for you.

Take advantage of catch-up contributions if you are age 50 or

older. Once you have reached age 50 you are eligible to make catch-up

contributions to your 401K plan or IRA account. 

Examine your budget and find areas in which you can reduce spending so

that you have more money available to invest and set a goal.

Don’t spend the extra money, instead, allocate at least 50% of that money

to your retirement plan. Every time you get a raise increase the percentage of

your retirement plan contributions- don’t head off to Las Vegas and go crazy.

Consider delaying Social Security Income. You can start receiving Social

Security Income as early as age 62; however, for every year you can delay

receiving a Social Security payment before you reach age 70 you can

increase the amount you receive in the future.

Don’t cash out. Early withdrawals will cause you to miss out on valuable

compound interest that is essential for building your retirement savings.

If you decide to move your money when switching jobs, ask your former employer to directly transfer the balance to the new financial institution instead of cutting you a check in order to avoid taxes and penalties.

Minimize the fees. Investment options with high fees will significantly

reduce your retirement account balance. Make sure to consult with your

Financial Advisor and know the total fees related to your account; ask him/her

to help you pick the lowest-cost investment choices that also match you risk

tolerance.

Once you have determined the best way to save money for retirement,

remember to be constant and find ways to increase your contributions over

time.