When you’re young, retirement isn’t on your mind. It’s something intangible, something far, far away. It’s time to change the way we think about — and prepare for — retirement. Only half of Americans have determined how much money they will need to save to live comfortably in retirement, according to the United States Department of Labor’s Employee Benefits Security Administration.

And when you consider that the average American also now spends about 20 years in retirement, it’s time to set some serious money goals. It’s never too early to begin saving for retirement and creating goals to set for yourself and your family for the future.

Here are some of the most important goals to set for yourself before you head into retirement.

Money Goals: Save, Save, Save

When times are tough, saving is difficult — even sometimes impossible. But it’s true that every little bit counts. If your money goals don’t already incorporate savings, start now. If your goals already include savings, start saving a bit more.

There are huge advantages to including early savings among your goals. For example, if you saved $6,000 a year and that investment earned 7% each year, in just five years your savings will be over $34,000. In 15 years, they will be over $150,000.

Create a Detailed Retirement Plan

We’re not talking about where you want to move to or travel. Think about all the ways you can contribute to your happy retirement. These money goals could include taking advantage of your company’s 401(k) or opening a Roth IRA. Perhaps it’s established automatic savings or payments. Keep this rule of thumb in mind: most financial experts say that it’s best to save about 15% of your gross salary each year to put towards retirement.

Think About What You’ll Need in Retirement

When making goals, it pays to be thorough and honest with yourself and your future needs. You can get a good idea of what you’ll need to save each year before retirement when you write out all the variable factors. This usually includes the cost of a mortgage or rent, your medical needs, life insurance, all of that traveling you may want to do, and especially a budget for food, clothing, and entertainment.

Take Care of Your Debt

Paying down debt is one of the goals to set for yourself at any time, but it's particularly valuable as retirement nears. Financial experts highly recommend being as close to debt-free as possible by the time you reach 65 years old. That means making a concerted effort to pay off credit cards and finish up with student loans or mortgage payments.

Consider Investing

The stock market can be awfully intimidating, but there are now more ways than ever to make easy and smart investments through a variety of approaches. There’s the traditional split between stocks and bonds but consider talking with a financial adviser about the best way to invest your money at this stage in your life. Depending on your age and income, you may go with a portfolio that will likely yield higher growth or perhaps you’ll invest in safe blue-chip companies.

Look into Your Social Security Benefits

Typically, Social Security can cover about 40% of the income you were bringing in before retirement. Make sure you’re on the right track by estimating your benefit on the Social Security Administration’s website. You may be surprised.

Take Care of Financial Emergencies Quickly

Whether it’s an emergency room visit, last-minute expensive travel, or vital home and car repairs, financial emergencies can put a serious dent in your money goals. One option is a payday loan. A payday loan is a short-term loan offering small amounts of cash to be used to help you overcome a financial emergency. It can take as little as 30 minutes to qualify for a loan of up to $1,000 at Fast Payday Loans, Inc. of Florida.

All you need: A driver’s license or government-issued form of I.D., your most recent pay stub, and a blank check from a checking account in your name that is active. We make the loan process easy. Just fill out the short loan inquiry form on our website and a loan representative will give you a quick call to walk you through the rest of the process. Once you qualify and are approved, you can get the cash you need that same day or the very next business day.

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Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.