When it comes to retirement planning, sooner is always better than later.

Consider this illustration in the importance of time in retirement planning: a 25-year-old who saves $5,000 every year for 40 years will retire with nearly $1 million, assuming a 7 percent rate of return. A 35-year-old who begins saving $5,000 annually will turn 65 with around $472,000.

To get close to $1 million in 30 years rather than 40, the 35-year-old would have to save twice as much as her younger counterpart.

Consistent saving as early as possible is key, but other factors will contribute to the success of your retirement plan. To ensure that you arrive at the promised land of retirement flush with cash, incorporate these 10 simple guidelines into your financial planning.