You've heard people talk about it time and again: building a nest egg.
Financial planner Jean Keener is one of North Texas' money saving experts. She's a big proponent of saving anything, even if just $5, and putting it toward your retirement.
"Early on in life, even while they're working on paying down debt and building that emergency fund, and if that's all you can start out with, you're still better off," Keener said.
Some workers may soon see more money in their paycheck because of recent tax changes.
Some analysts say it could mean a smaller income tax return check for you, or you could even owe some money to the IRS.
Either way, until you know your specific tax situation, there's never any harm in saving it in a traditional savings account. That way, if you do owe money, you'll have that money available to pay back.
If it turns out you don't need that money for your taxes, it could be the perfect way to help build your nest egg for retirement.
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"I think it's much more helpful for people to really understand what they want their retirement lifestyle to look like, and then to build a plan from there," Keener said.
If you plan to travel or take up a hobby, Keener said you should think about what it will cost.
When you finally pay off your mortgage, will you be OK in an apartment, or do you want to keep the big house?
Lastly, when you retire, make sure it's the right time. Most of us retire as soon as we can, but waiting a few extra years can earn you more money in the long run.
"You need to treat the decision about when you take Social Security as one of the biggest financial decisions of your life, because it is," Keener said.
She said almost half of Americans take Social Security at age 62, which is the earliest you can take it.
"You can actually wait after full retirement age as late as age 70 and earn delayed retirement credits, which right now are going up at eight percent per year, which is huge," Keener said.
If you take it as soon as you can, your benefit is reduced permanently.
"Then they live into their 80s and then their 90s, and they've got this benefit that is so much smaller than it could've been if they'd just waited a few more years," Keener said.
