The easiest path to a secure retirement is an early start

Steady savings and investments over a long period of time are a proven strategy for financial security in retirement.

Many public-sector employees, along with some private-sector employees, can participate in pension plans offered by their employers. Many of them, particularly those who work in the private sector, can also count on Social Security for some retirement income.

Pensions are less common in the private sector than they once were – especially defined benefit plans that guarantee a certain income during retirement. Most public sector employees still have pensions, but many of them, in turn, are not eligible for Social Security which allows government employers to opt out of that federal program. These are critical retirement components for nearly everyone, but to some extent, public pensions and Social Security depend on steady hands in government and politics.

Regardless, all workers – public and private – can take matters into their own hands, supplementing their retirements and dramatically increasing their future financial security with savings and investments made over a number of years.

Next year, it will get a little easier to defer taxes on many of those kinds of savings and investments.

As you look at your retirement plan for the year ahead, the IRS has raised the contribution limit for 401(k) plans to $23,500. The same new limit applies for 403(b) and most 457 salary deferral plans. Workers between ages 60 and 63 get a higher “catch-up” contribution limit; they’ll be able to contribute $11,250 – up from $7,500 – to their plans next year.

It pays to read up on retirement, to get professional advice, and to come up with a plan. There are all kinds of specific strategies, but the overall idea is simple: Through a combination of savings, investments, and – if they’re available to you – pensions and Social Security – it doesn’t have to be hard to build a comfortable and secure retirement.

If you’ve already started, keep going. If you haven’t, now is the time to start.