You may say that you can’t see how you can start to save or increase your savings. Really? My mother was a widow at age 40 with 4 children aged 4 to 13. Money was tight so she went to work as an executive secretary. As she explained, she needed employment to obtain health insurance because kids do the darndest things. She also knew she had to save for her future. IRA’s and contributory retirement plans did not exist so she had a small amount of money deducted from each paycheck to purchase US savings bonds. And her employer made contributions to her through their pension plan. She created her own financial plan and it served her well.

Today, you may not have a pension plan but you have much better saving options! You can set up an IRA and have the savings deducted from your checking account. Or if you work for a corporation, you may have may have the opportunity to participate in a 401(k) savings plan or a SIMPLE IRA Plan. If you work for a non-profit institution such as a school or hospital you may join a 403(b), which is also called tax sheltered annuity plan. If you work for the government or the military, you may join a thrift savings plan and a deferred retirement plan.

In each of these plans, contributions are deducted automatically from your paycheck. The funds are tax-deductible, and they grow on a tax-deferred basis. You may have an employer match. What a great incentive to join the plan; for every dollar that you contribute the plan sponsor also makes a contribution, typically of $0.25 to $0.50 but in some plans it is up to a $1.00. You may perceive it as a raise or consider it to be free money!*

Most folks that participate in a savings plan report that they don’t really miss the money, they simply spend less. And ask yourself, if you can’t save today, how will you do so in retirement?

If you have not started to save for retirement, you can start the process today. Or if you are participating but are not saving enough, you can increase your contribution.

Recognize that you will never be younger than you are today. So whether you are 25 or 55, jump on that automatic saving train for a more secure financial future.

*Employer contributions usually “vest”, meaning you can take their contributions with you if you leave the company, over a period of years.

Roxanne E. Fleszar, CFP, ChFC is President of Financial Resources Management Corporation, a registered investment advisory firm with offices in Key West, Boston and Naples.