Everyone wants to retire someday. As much as you might love your job, no one hopes to work forever. But, retirement with peace of mind takes planning and it’s never too early or too late to save those pennies. And, you can never have too much in retirement savings.

Local 26 members and their dependents are fortunate to have not just one, but two solid retirement savings vehicles through the local union—the Local 26 Pension Plan and the Individual Account Plan—as well as retirement plans through the International Union and the NEBF, but creating your own retirement savings account can give you added security.

Start early and start small. Just start! A 25-year old investing $200 per month (just $50 per week) will accumulate more by age 65 than if he or she started investing $300 per month beginning at age 35, thanks to compound interest. Investing a smaller amount over a longer period of time can create more growth than investing a larger amount over a shorter period of time.

Consider opening an IRA. The two types of IRAs are a traditional IRA and a Roth IRA. Choosing the one that’s right for you depends on your income, or the income of both you and your spouse. A traditional IRA allows your contributions to be tax deductible and your earnings to grow tax deferred, while a Roth IRA is funded with after-tax contributions so that distributions, including earnings, are tax free. Speak with a financial advisor to learn which IRA is right for you.

Make catch-up contributions to your IRA or 401(k) if you are age 50 or older. Upon entering the calendar year in which you will turn 50, you are eligible to contribute more than the traditional annual contribution limit to your IRA or 401(k) in order to make up for years in which you were unable to contribute as much as you would have liked, up to the contribution limit. The catch-up contribution amount changes every year. Visit www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-catch-up-contributions to learn more about catch-up contributions.

Make adding to a personal savings account automatic each month and think of paying yourself like paying a monthly bill.

Take a close look at how and where you are spending your money. Are you stopping at Starbucks five times a week at $6.00 each visit? That is $30 each week, $120 per month that could go towards your retirement nest egg. Six dollars may be a small amount but it all adds up, especially since you could brew a cup at home for mere pennies.