No matter where you are in your career, it’s never too early to start planning for the retirement you want. The sooner you start saving, the more money you’ll have to play with when you retire, giving you the freedom to relocate, travel, and enjoy the kind of lifestyle most of us dream of.

Starting to consider retirement early on will also give you more freedom when it comes to taking early retirement - and you won’t be forced to work longer than you wanted to because of poor planning.

Keep reading for some simple tips to get you thinking about retirement and taking small actions to prepare for your future.

Decide how much money you’ll need in retirement

What does your dream retirement look like? Are you living in a modest home by the sea? Or a luxury villa in a foreign country? Will you be taking regular holidays and going on lavish shopping sprees, or living the simple life?

Whether you’re planning to splash the cash in your retirement, or you just want enough money to cover basic expenses, putting together a retirement budget is a smart move. You should include the cost of your accommodation, bills, essentials, luxuries, and other costs, like travel.

Once you’ve got a solid idea of what you want your monthly income to be in retirement, it’s much easier to start making plans.

Evaluate your current assets

Taking a good look at where you currently stand financially is essential while planning for retirement. Your assets will form part of your retirement fund and could make up for a lack of savings or a disappointing workplace pension.

Your assets include your home, any other properties that you own, your portfolio investments, and any companies you own. Working out how much income your current assets will generate in retirement should give you a good idea of whether or not you’re on the right track. If there’s a big disconnect between your budget and your projected income from current assets, it’s time to make some changes.

Start an investment portfolio

A good investment portfolio is one of the best ways to maximize your funds and make the most of your retirement. The exact investments you make will depend on your current assets, your tolerance to risk, and your projected retirement budget.

If you don’t have much experience with investment, it’s worth checking out companies that help you to make smart investments without putting in too much time or effort. You could seek out a traditional financial advisor or use a ‘robo advisor’, which is based on a smart computer model and a team of experts. This Betterment review covers many of the most important things to consider before choosing a robo advisor.

Be sure to shop around and think carefully before making your decision.

Increase your pension contributions

How much are you currently paying into your workplace pension? Could you afford to increase it, even by a small amount?

Making slightly larger contributions to your pension will make a huge difference in the long-term, and if you increase the amount slowly then you probably won’t even miss the money. Make a habit of regularly evaluating your pension contributions and asking yourself whether you could be saving more.

The sooner you start planning for your retirement, the more likely you are to get the outcomes you want. Start by creating a retirement budget, evaluating your current assets, and starting your own investment portfolio. Your future self will thank you.