Only 36% of non-retired Americans who are saving for their retirement think their savings are on track, according to the Federal Reserve. Yahoo!Money reported that 1 in 4 Americans don't have any retirement savings. If you aren't planning retirement finance for your golden years, it's time to think about changing that. Saving for your retirement does not need to be overly complicated, it just requires some know-how.

Set Retirement Savings Goals

A CNBC report recommends that you work out how much money you need to save for retirement before looking at different types of accounts and investments you can use. This can help you to create a roadmap to achieving your goal. Think about what your retired life might look like, how much things will cost, and what your day-to-day expenses might be. Factor in housing, food, healthcare, clothing, transportation, entertainment, travel, and life insurance costs.

Consider Different Investment Accounts

According to Investopedia, setting some money aside for your retirement is the most important part of saving for that time in your life. However, you should put that money into the market, as compound growth can help you to reach your goal. A high-yield savings account has minimal risk as money in a federally insured savings account isn't invested in bonds or stocks. However, the highest yielding of those accounts are under 1% on the dollars saved.

A traditional individual retirement account (traditional IRA) is an individual account that you can open and contribute to yourself. Your contributions usually are tax-deductible. However, the tax liabilities associated with your IRA account may depend on your employment status. The money in your IRA account can grow on a tax-deferred basis, meaning you won't pay tax on those investments until you withdraw the money. With a self-directed IRA, you have the option of investing in alternative assets such as private placements, real estate, IRA LLC, and long-term venture capital investments. You will be responsible for making all the decisions regarding investment choices, and for ensuring you don't break the rules.

Important Self-Directed IRA Rules

Needless to say, one must know about self directed IRA rules; if you break self-directed IRA rules, the tax-deferred feature of your IRA will be removed. This means the transaction automatically will become immediately taxable. According to IRA Resources, the three most important rules are to not engage in a transaction with a disqualified person such as yourself, your beneficiaries, or your family members. Rule number two is to not use the self-directed IRA for personal benefit. All income from IRA assets must go into the IRA. 

The sooner you start planning retirement finance and saving the better. It's never too late to start, but the sooner you begin, the better prepared you'll be for the future and the more comfortable your retirement will be. Speak to a financial advisor for more guidance that can help you get started.