Saving for retirement: 10 rules for success

Saving for retirement doesn't have to be complicated. There are some simple rules to help you meet your retirement saving needs without breaking the bank.

1.Debt. The more debt you have, the harder it is to save. Work on reducing your debt and paying off loans, and you'll have more money to save for retirement. Split the total amount you are able to save, so that some goes toward your debt. Even an extra $5 a week could head off accruing interest that might save you thousands in the long run. A debt reduction calculator can show just how much an extra $5 can save you.

2. Time is your friend. The earlier you start saving for retirement, the better. You can begin any time and with any amount, but those who wait until later in life often wish they hadn't.