Early middle age can bring many financial responsibilities, from mortgages and car payments to life insurance, education expenses for children and car loans. At this point, it's crucial that one maximizes contributions to an employer-sponsored retirement plan as well as exploring other avenues for saving.

Saving is never too late, and consistency is the key to compound interest. Even increasing your savings by 1% every 6-12 months can have a lasting effect over the long run.

1. Get a Financial Plan

Financial planning for retirement, either on your own or with help from professionals, is key in planning for its onset. Achieve financial stability means understanding what lifestyle you envision for yourself once retired as well as how much money will be needed in order to accomplish your goals.

Experts advise saving 10-15% of every paycheck into tax-advantaged retirement accounts such as a 401(k), 403(b) or an IRA, with three months' living expenses saved up as an emergency fund.

Step two in planning for retirement should involve breaking expenses down into needs, wants and wishes. Day-to-day essentials like food and health care fall under needs while travel, consumer goods and recreation fall into wants while wishes may include leaving an inheritance for loved ones or charitable organizations. An online retirement calculator can be extremely helpful when estimating savings needed to reach your goal, providing insight into whether or not changes need to be made in your retirement savings strategy.

2. Set a Goal

Long-term financial goals often involve saving enough to reach retirement. You can begin by envisioning your ideal retirement and estimating its associated costs; then evaluate whether or not your savings plan and investments are helping reach this goal.

To establish an accurate estimate of your annual living expenses in retirement, take into account all major costs such as housing, healthcare, food, insurance and transportation expenses as well as discretionary spending like entertainment hobbies travel etc. Additionally when creating your budget you should include any income sources like Social Security Pension or Retirement accounts as a part of that figure.

An active, healthy lifestyle is also key to making sure that your retirement will be both enjoyable and financially sustainable. By getting enough rest, exercising regularly, and adhering to a nutritious diet plan, these steps will ensure a financially and mentally rewarding retirement experience.

3. Create a Budget

Once you've established a workable budget, adhere to it to ensure the maximum return from your retirement savings. Many find that their expenses become less when entering retirement; clothing costs, dry cleaning fees and restaurant meals become cheaper as time progresses.

As retirement draws near, it's essential that you factor in changes as well as any unexpected expenses such as vacations or buying a new car, in order to determine how much income will need to come from savings and investments in order to balance your budget.

Before retiring, it is wise to review your insurance policies, particularly long-term care, life and disability policies. Also keep in mind you may need to plan how and from which accounts your distributions will come, to avoid taxes and penalties; so consult an investment professional when planning this. In addition, many retirees find a sinking fund useful - something they can build over time by adding small amounts each month into their budget.

4. Make a Savings Plan

As you approach retirement, take an inventory of all of your expenses, such as credit cards and online shopping, while tracking any income such as pension funds, Social Security benefits, 401(k)s, IRA accounts or rental property income.

Determine the total amount needed to fund your retirement, taking into account healthcare and long-term care costs. Many people assume Medicare will cover most of these costs; this may not always be true. A health savings account offers tax breaks for certain contributions while helping reduce overall living costs in retirement.

SignatureFD's Maurer recommends writing down and reviewing your goals for retirement on an ongoing basis, to keep saving for it at the forefront of your mind. Now is also the time to think about where you might live during retirement - this may impact costs and travel arrangements; moving closer to family could reduce expenses or downsizing may make more affordable living arrangements possible. Assess all bank accounts to move any idle cash into higher interest investments such as a certificate of deposit.

5. Create a Retirement Plan

A retirement plan provides the framework for your financial future. It takes what can often seem like an unachievable goal and breaks it into manageable steps that you can take regularly towards its achievement, providing a means for tracking progress while remaining motivated along the way.

An effective retirement plan begins by starting early and being consistent. A budget should also be created and spending prioritized accordingly, to reduce debt levels while paying off existing credit card balances faster. Accelerating mortgage payments or paying cash for large purchases could reduce interest expenses further.

Consult an investment professional when setting up a savings and investing strategy, such as retirement or health care costs planning. They can assist in helping determine how much money is necessary and plan accordingly.

Ensure you take advantage of any matching contributions your employer provides and tax-advantaged retirement accounts like IRAs, SEP IRAs or Solo 401(k).