It’s never too soon to start planning for your retirement, and getting started at a young age will help you grow more wealth for your senior years. The first step in this process involves estimating how much money you’ll need for your retirement. While you can’t predict the future, you can estimate what you may need by making a plan for your life. For example, if you plan to own a home, you will only need to worry about insurance and property taxes. Look for other ways to minimize how much you’ll need, and follow these tips for growing retirement wealth.

Open a Roth IRA
Even though you may have a 401k plan through your employer, you should also open a Roth IRA. When you leave that job or max out your 401k account, you can roll those funds over into your Roth IRA. Any contributions you make to the IRA will be tax-free. When it comes time to withdraw those funds for your retirement, following the guidelines set out by the IRS will help ensure your withdrawals will also be tax-free.

Keep Your Debts Low
When you retire, you’ll be living on a fixed income, so you’ll have to keep your debts as low as possible. This should include using credit cards sparingly, and you should pay cash whenever you can. If you already have considerable debt, develop a strategy for paying it down gradually, and dedicate yourself to limiting your use of credit in the future.

Don’t Sacrifice For Your Kids
Many older adults use their retirement savings to help their kids pay for college or a big wedding. Save your money. There are plenty of resources available to your kids, and they’re young enough to save for the things they want. As you reach your 40s and 50s, you won’t have that same luxury. Spending that money now will prevent you from retiring when you reach retirement age.

You should also consider working with an investment advisor. An experienced advisor will help you meet your financial goals to ensure you can fully retire when the time comes. Through the years, they will help you adjust your investing strategy to accommodate new goals and changes in the economy.