When it comes to retirement planning, many of us would prefer to think about doing the things we enjoy during our retirement, and not about being prepared for the financial aspect of retiring. Whether you are years off or it’s right around the corner, whether you’ve started to prepare or haven’t, retirement planning is something you should think about on a regular basis.

There are many ways to prepare for retirement depending on your financial situation. One of these six ways are opportunities for you to start saving for retirement:

1.)    Employer-sponsored 401k plan: Offered as an employee benefit, this option allows you to save part of your paychecks pre-tax in a tax deferred investment account. The benefits of this plan are that it lowers your income tax base, your investment account grows over time, and a lot of employers offer an employer match to your contributions.

2.)    Roth 401k: Like the 401k option above, but the money is taxed now instead of later.

3.)    Individual Retirement Account (IRA): An IRA is an investment account that you contribute pre-tax into a tax deferred account and pay no taxes on annual investment gains. You most likely face a penalty if you try take out funds before the age of 59 ½.

4.)    Roth IRA: Roth IRAs are set up so contributions are made after tax and the money is not taxed when you access it later. Another benefit is that you can withdraw the money before retirement age without penalty.

5.)    Simple IRA: Small businesses sometimes choose to offer a Simple IRA, which is similar to a 401(k) plan. There are only a couple of employer contribution options and must be set before the year and are immediately 100% vested (funds owned by the employee).

6.)    SEP IRA: Simple Employee Pension Plan (or SEP) are designed for self-employed individuals with no employees to be able to contribute to a retirement plan for themselves. The maximum contribution limits are higher for this type of plan.

7.)    SEP IRA: Set up by an employer, but only allows the employer, not employees to contribute and get the tax deduction. The employee is not taxed until the funds are withdrawn. Designed to help self-employed individuals with no employees to be able to contribute to a retirement plan for themselves. The maximum contribution limits are higher for this type of plan.

If you’ve started a retirement account of some kind, now’s the time to a look and see if it is possible to add more. Even adding a small amount, like 1% of your annual income, can have a little impact now, but provide a large impact for retirement down the road.