There will be a day in the future when you don't have to wake up early, shower, eat breakfast, and rush out the door into miles of stop-and-go traffic. Your job will be a thing of the past and you'll be able to live comfortably on your retirement income - if you plan for it. Planning for retirement is a necessary and important part of your financial plan.

Creating a financial plan for retirement allows you to maximize your own contributions as well as spread these contributions over a long period of time. The earlier your begin retirement savings, the better. One thing is for certain; you cannot take a loan out to fund your retirement. You will have to contribute your own money.

Most people can comfortably retire on 70 percent of their salary. Your current age has a good deal to do with exactly how much you should be saving. However, here are a few tips that apply to any age that must be kept in mind:

1. Save! You cannot retire without saving money.

2. Leave your retirement money alone. If you've stashed your money into any retirement account, do not touch it, borrow against it, remove it to pay for college, or loan it to your brother. Leave it be!

3. Increase contributions with raises. It's absolutely painless to boost your retirement contributions every time you receive a raise. You'll never miss the money if you never see it in your paycheck.

4. Watch your home finances. Carrying a heavy debt load can adversely affect your retirement contributions. You'll be less inclined to save if you're writing checks every month for a pile of bills.

5. Check your retirement plan every 2 years. Monitor and refine your retirement plan to fit your age and lifestyle.

6. Take your money with you. Make sure to transfer your retirement money if you switch employers. Many companies allow you to roll your retirement savings from one plan to another.

7. Life insurance. Life insurance is an important part of your retirement plan so examine and adjust these policies on a regular basis.

8. Rule of 72. For perspective, there is a general rule to estimate investment return called the Rule of 72. If you take an interest rate this is compounded annually and divide it by 72, you will have the number of years required to double your initial investment

Retirement tips for age 20-29

The greatest part about this age is that you've got time on your hands to prepare for the future. The worst part is that you probably don't have

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