When you are young and first kick off your career, the thought of saving for retirement may feel overwhelming, or for some, even unnecessary. Even if you are living “paycheck to paycheck,” every scent that you save counts – and it adds up overtime. The sooner you begin saving for your retirement the better, even if you cannot save a large portion of your salary from month to month. No matter how small you start, the most important thing is just to start. Saving money for retirement looks different for everyone, but we have rounded up some of the most important first steps that you should take if you are ready to begin coming up with a game plan:

1. Figure out at what age you want to aim to retire. The first step to saving for retirement is to create a timeline for yourself. Of course, things do not always go to plan, but it is important to know that you are working towards something. Figure out at what age you think you want to retire, and you will be able to work against this timing to know how much you should be saving each month.
2. Start your 401K or IRA. Many companies offer a 401K benefit, which is something that you should absolutely take advantage of. If you choose to opt in to a 401K, you can decide how much of your salary, percentage wise, you want to contribute. Many employers may even match up to a certain percentage, which can add significantly to your savings. Another option is to start an IRA, which is an individual retirement account that you can open up totally yourself. There are two types of IRAs that you can open up, including a traditional and a Roth, which have different tax rules as well as contributions limits.
3. Know your budget and assess your debt. If you are finding that you are having trouble figuring out how much you should contribute to your 401K or IRA, sit down and create your budget. Look at how much income you are bringing in and what makes the most sense from a financial standpoint to save, while still allowing you to live your life! At this same time, you will have to assess how much debt you currently have and how quickly you think you are feasibly able to pay it off.