If you are in your 20s, 30s, 40s, or 50s and currently a member of the workforce, you may need to work until age 66 or 67 to receive your full social security benefits. It also means you have several years, if not decades, to save for retirement to supplement the benefits derived from the government program. Here are some Mills Honda tips on starting to save for retirement.

Start an IRA account

If you're in your 20s or 30s, you may see saving for retirement as an unnecessary deduction from your current income. Saving a small amount of money each month, however, has an accumulative effect on your financial portfolio; in later years you do won't have to set aside as large a percentage of your income to maintain a stable retirement fund.

Start with a basic savings account, such as a money market account, and contribute ten percent of your gross income each month. When you've accumulated enough money to open an IRA (Individual Retirement Account), do so and continue to contribute to it. If you start such a retirement fund at age 25 and retire at age 67, you'll have 42 years worth of savings (plus interest).

If you're in your 40s or 50s you can still set up an IRA account and contribute to it regularly. If you start at age 40 and plan to retire at age 67, you'll have 27 years of savings plus interest in your retirement fund.

Take advantage of the 401k

Take advantage of your company's 401k plan. You contribute a small percentage of your income to your 401k, and the company matches a percentage of that contribution. The matching funds are essentially free money or instant interest on your contribution.

If you begin participation in a 401k at one company, and then change jobs, you may have the option of rolling that 401k over to the new company, or possibly converting it to an IRA plan. Either way, you do get the opportunity to take the money with you.

Get good advice

No matter when you start your retirement fund, your first step should be to consult with an accountant that is well-versed in tax law regarding retirement funds.

The tax laws regarding contributions to both IRA accounts and 401k plans are complicated, and how much you are able to contribute annually is tied to your annual income as well as your age. Consulting with experts may prevent you from incurring tax penalties on your retirement fund.

Don't forget your savings account

Your 401k and IRA account offer stable vehicles for income during your retirement, but you should not use these as a substitute for a savings account.

Maintaining cash deposit (CD) accounts, money market accounts, and other standard, interest-bearing saving accounts ensure you have cash on hand during your working years and after you retire.

Withdrawing funds from IRA accounts and 401k plans are subject to regulations to defer taxation, so you may not have cash available when you need it. As you contribute to your retirement accounts, invest a small percentage of your income in savings accounts as well. Though you may pay tax on the interest, such accounts ensure you have a nest egg within your nest egg—one that ensures you have access to cash when you need it.