Beginner's Guide to Retirement Planning: 10 Steps to Take Now

When you're in your 20s, 30s, or even 40s, retirement can feel like a far-off milestone. But the sooner you start planning for it, the greater your chances of closing out your career in a good place financially. If you're new to retirement planning, here are some essential moves to make today.

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Following a budget will help you better manage your money and control your spending. And that, in turn, will make it easier to carve out room for retirement savings. You can set up a budget using a basic spreadsheet or try finding an app that makes the process easier.

ALSO READ: 2 Sample Retirement Plans for Every Age

Having a dedicated savings plan can keep you on track for your senior years. If your employer offers a 401(k), sign up and start allocating some of your earnings to that plan. And if you don't have access to a 401(k), open and fund an IRA.

IRAs and 401(k)s come in two varieties -- traditional and Roth. With a traditional savings plan, you get a tax break on contributions but withdrawals are taxed in retirement. With a Roth plan, there's no up-front tax break on contributions, but you get to enjoy tax-free withdrawals in retirement. It pays to compare both choices and see which works best for you.

The money in your IRA or 401(k) shouldn't just sit there doing nothing. Rather, you should invest that money so it grows into a larger sum over time. It pays to explore different investing strategies that take factors such as your savings window and risk tolerance into account.

ALSO READ: 3 Better Ways to Save for Retirement Than a Traditional 401(k)

Social Security may end up being a significant source of retirement income for you. Read up on how benefits work in case there are things you can do to score a higher payday.

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It's common practice to save for retirement in an IRA or 401(k). But you may have other options to capitalize on, too. A health savings account, for example, will allow you to set aside funds for future medical care, and it can double as a handy retirement savings tool.

Many people assume their living expenses will go down a lot in retirement. But that doesn't always happen. Gaining an understanding of what you might spend will help you know how much to save.

ALSO READ: Why I'm Leaning Toward Claiming Social Security at 62

Maybe you want to spend your retirement traveling. Or maybe you're hoping to start a business. Establishing some goals can help you set a savings target that makes them possible.

Many seniors are shocked to learn that much of their income is taxable. It pays to do some reading on taxes in retirement so you know what to expect, and so you can figure out ways to minimize your future tax burden, like saving in a Roth IRA or 401(k).

It's easy to put off retirement planning when you're not aiming to leave the workforce for many years. But the sooner you commit to it, the more time you'll have to save for the future.

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The right moves on your part could set the stage for a rewarding, fulfilling retirement. Take these important steps today. You'll be thankful you did later on.

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