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Solution: Save small amounts
If your company doesn't have a 401(k), set up an IRA through a provider. Betterment, eTrade, Fidelity and Merrill Edge are among the providers that offer no-minimum IRAs. The recently created myRA has no fees, no minimum balance and gives people without a workplace retirement plan a way to save for retirement.
No matter how squeezed you are, you can save a tiny amount each month. Just think of it as paying yourself first, as one adviser suggests. If saving makes your paycheck feel too light, cut back the contribution amount by a percentage point.
Many people will invest small amounts of money, but fear investing large sums. The answer to this is an app that allows you to round up the amounts of your credit card purchases -- from $2.75 to $3, for example -- and save that 25 cents in an account. "If you designate something for retirement, it starts to add up," says Michelle Canaan, manager with the Deloitte Center for Financial Services.
Another app scouts your purchases and makes recommendations on amounts for you to save. For instance, if you routinely spend $250 a month on restaurants and spend $25 less one month, the app will suggest you save that $25.