7 tips to help make saving for retirement easier, according to a financial planner

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7 tips to help make saving for retirement easier, according to a financial planner
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If saving for retirement is the last thing on your mind, it shouldn't be

5. Balance paying off debt with saving for retirementWhile you may want to set aside as much as you can for retirement, you still need to take care of present financial needs, like paying off debts. However, there's a caveat to this, Smith said.

For instance, Smith said if you take out $10,000 from your 401 in a 10-year loan, and assume a 5% interest rate on the loan and an average 8% rate of return, you've lost more than $4,000 in earning potential. "Unfortunately, many people greatly underestimate how much they will need to cover out-of-pocket health care costs throughout retirement," Smith said., more than half of those 65 and over — and three-quarters of those ages 55 to 64 — believed the typical married couple retiring today at age 65 will need between $50,000 and $200,000 for health care.

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