I'm lucky I started saving for retirement at 24, but if you didn't, there are 3 steps you can take now to catch up

As luck would have it, my very first job out of college offered a 401(k) with a generous match.

As a budding personal-finance reporter who regularly asked experts for their advice on building wealth, I couldn't pass up the opportunity to start investing early. 

I learned quickly that the power of compound interest is no myth. Even small contributions can grow into huge sums over time if left largely untouched in a diversified investment. After all, that's part of what turned Warren Buffett into a billionaire.

Looking back, it's clear that I was in the right place (working at a company with a retirement plan), at the right time (in my early 20s), with the right mindset (saving money for the future is good, and I can afford to). Not everyone's stars align in this way. 

If you're beyond your 20s, or even your 30s, and haven't started saving for retirement, it might feel like the ship has sailed. While you can't gain back the time you lost, you can take advantage of today — and every day to come. 

Here are three steps to catch up on retirement savings wherever you are.

1. Get help from a financial advisor

If you're feeling behind or overwhelmed, there's no substitute for expert guidance. A financial planner or online financial advisor can help you figure out how much you need to invest to meet your retirement goal, or how to adjust your goal based on your current resources. They can also help you determine the best vehicle and strategy for your investments. 

The enemy of financial success is inaction. When it comes to retirement, saving something is always better than saving nothing, so don't be too hard on yourself if you haven't made it a priority until now.

2. Pick a retirement account (or two)

Get familiar with the features of each type of retirement account. One isn't necessarily better than another — it all depends on your financial situation and goals. 

If your job offers a 401(k) or 403(b) with a contribution match, that's a safe place to start. A match is a guaranteed return on your money you won't be able to earn elsewhere. But know that contributions to an employer-sponsored retirement account won't be easily accessible, so be prepared to part ways with that money for decades, potentially. 

If you don't have access to a 401(k) or similar workplace plan — or even if you do — consider an IRA. These accounts operate independently of your employer and can have less strict withdrawal rules if you need to access money before retirement. And if you leave your job, you can roll over your workplace plan balance into an IRA and manage it from there.

3. Contribute your maximum

Retirement accounts come with a bevy of tax advantages. Because of this, they impose annual contribution limits so that highly paid workers don't benefit more than average workers.

For 2021, you can put up to $19,500 in a traditional or Roth 401(k), plus an additional $6,500 if you're over age 50. Traditional and Roth IRAs have a $6,000 contribution limit for 2021, and savers over 50 can add an extra $1,000.

You don't have to contribute the maximum amount allowed every single year to make progress toward your retirement goal. And you shouldn't feel like a failure if you come up short. Just make sure you're contributing your maximum — that is, the most you can afford to set aside after taking care of necessary expenses. Start small if you have to, such as 3% of your income, and increase it as often as you can. Lastly, make the contributions automatic so you can never blame forgetfulness again.

If your income fluctuates and you aren't able to contribute a set amount of money each paycheck or each month, try making one large end-of-year contribution. Save throughout the year in a high-yield savings account so you have access to the money if you really need it, but earmark it for your retirement account and make one large transfer before the deadline, which is April 15 following each calendar year. 

You don't have to go big today, but you have to start building momentum somewhere.