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With the pension they depend on long fading into history, many consumers are concerned about saving for retirement. Most simply don’t know what to do to get where they need to be. With so many options and tips, what is the right way to go?

Studies show that Americans are more insecure than ever about their retirement options. With less than 20% of workers facing a possible pension, that option is not something you should rely on.

It’s more important than ever to take advantage of every opportunity to build your retirement savings. This includes your IRAs, 401(k)s, and taxable investments.

You don’t need a complete understanding of investing to be able to retire well. All that is needed are a few simple ideas.

Remember, the younger you start, the easier it is to retire well. If you start late, you can still enjoy a comfortable retirement. Just don’t let any more time slip away, you’ll need every possible penny.

It’s like credit cards that add up to years of payments, only in reverse. If you start young, the more you save, the more years of interest you can roll over and the more money you’ll earn. Let compounding work for you, not against you.

Take every advantage you can to save for the future. Only about 50% of workers are offered a 401(k). Only 42% take advantage of the plan. Don’t let this go. Most employers will match a portion of your contributions. This is free money. You should give as much as you can each year to your 401(k). Once the money is in your account, it is multiplied tax-free.

The same goes for 403(b)s and other equivalent savings programs. Don’t waste the opportunity.

You should take a good look at your 401(k) plan. When you leave the company, you should probably convert to a professionally managed traditional plan. Why? Because self-directed retirement accounts earn 2% less per year on average than professionally managed plans.

Look at the numbers. If you put $100,000 into an account that earns an average 6% return and another $100,000 into an account that earns an average of 8% per year, the difference is staggering. In thirty years, the 6% account is worth $574,349 and the 8% account is worth $1,006,266.

You should probably avoid get-rich-quick ideas. Don’t chase hot stocks and sectors. Play the game long term. If your company’s 401(k) plan is too expensive, you should consider maxing out your IRA before investing in the 401(k) plan. With your IRA, you decide who manages your money. Many of the big mutual fund providers are inexpensive and quite effective.

The key to successful retirement saving is simply doing the math. Contribute wisely and contribute as much as possible each year. Remember, if you dive deep enough into your investments, you just might be able to retire early. Now there is a good thought.