5 smart ways to grow your retirement savings now

No matter how much satisfaction you may get out of your career, most people look forward to a retirement full of travel, relaxation and spending time with family. Those idyllic golden years won't happen easily, though, if you spend the time right now to make a plan to save and implement it. There are a number of ways to put money aside for retirement, but the best plan will use a combination of several. 

Start shopping for certificates of deposit, which can be useful in retirement planning, online today.

5 smart ways to grow your retirement savings now

Saving for retirement isn't hard, but it does take careful planning. The best retirement savings plans use a variety of methods and assets to build a diversified portfolio, which gives you the best chance of success — and of a happy, fulfilling retirement.

Put money in a high-yield savings account

One option for saving for retirement is to use a high-yield savings account. High-yield savings accounts are usually offered by traditional and online banks. However, online banks don't have the overhead traditional banks do, and are, in turn, often able to offer higher rates to their customers.

A high-yield savings account is a good choice for retirement savers. While they might not have the potential upside of some other options, like investments, a high-yield savings account carries much less risk and still has fairly high rates. 

Start looking for a high-yield savings account right now. 

Open a certificate of deposit

A certificate of deposit is a savings vehicle offered by most banks and financial institutions. It is similar to a savings account, but there are a few key differences. The biggest is that with a CD, you are contracted to keep your money in the account for a predetermined amount of time — generally ranging from a few months to a few years. 

CDs can be a good way to save for retirement in some situations. Right now, for example, interest rates are very high as a result of repeated action from the Federal Reserve. 

All retirement savers can take advantage of these rates. When rates are lower, though, CDs make more sense for those closer to retirement who are just looking to protect their wealth rather than needing to build more.

Use a tax-advantaged retirement plan

One of the best ways to save for retirement is with a tax-advantaged retirement account like a 401(k) or an individual retirement account. With both of these options, you put money in an account before it is taxed and invest as you wish — generally in mutual funds or exchange-traded funds. 

With this method, your money can grow with the market and you don't have to worry about taxes until you start taking distributions. When you're younger you can take more risk and invest in stocks, but as you get older, it can make sense to move more money into fixed-income securities like bonds. 

Invest through a brokerage account

Outside of your tax-advantaged account, you can also invest with a brokerage account. There are many options out there, some of which offer trades for very cheap or even free. Using a brokerage account offers more flexibility than a retirement account, as you can withdraw the money to move into a different investment — or use in an emergency — if you end up needing to.

Just make sure to do your homework and only make smart investments — and consider working with a financial advisor if you really want to be safe.

Start looking into investing right away.

Make a budget and stick to it

All of the above tips are great, but none of them will matter if you don't actually have money left after all your expenses. This starts with making and sticking to a budget. Figure out your income and your expenses, and see how much you have left at the end of the month. If that's enough to save, you're golden. If not, look at where you can make cuts. Once you set a budget, sticking to it is just as important, so make sure it's a plan that is liveable over the long term.

The bottom line

Savings for retirement is an important process, and it's one that takes a bit of planning. There are many ways you can prepare your nest egg, and the best plans typically include a few of them.