With a new year comes a fresh start — and the chance to think about the future.

Perhaps the biggest landmark in anybody’s future is retirement, and just the thought of retirement brings many questions. Am I prepared? Have I saved enough money? What can I do to improve the odds of a happy, secure retirement?

“Wherever you are at financially, you should stop and analyze your situation,” said Robert Orbin Jr., an investment adviser at Mauch Chunk Trust Company. “This is especially true as you get older.”

When to start saving

No matter where you are in life, “now” is probably the best time to start saving for retirement or to revisit your current saving strategies, said Orbin.

“The time value of money is very important,” he said. “Even if you can start to contribute a very small amount early, it can make a big difference.”

He pointed out that if a person started at age 25, with an income of $30,000 and 2 percent raises throughout their lifetime, and put away just 6 percent per year in a large cap fund (Orbin used the American Funds AMCAP to run this scenario), they could save $3.6 million by age 70. If that person had a 401(k) at their job that matched their savings, they would only need to save 3 percent ($900 per year) to potentially reach this amount.

“That’s an amazing number,” he said. “Even if they retired at 65, they’d still have about $2.4 million. That’s a number a lot of people would like to be at.”

He noted that this type of retirement savings on a modest income is made possible by the power of time and steady, consistent savings.

“I often hear that people say ‘When I have more money I’ll do it, or when I get into my 30s I’ll think about these things.’ That’s the last thing you want to do,” he said. “People say that they’ll save more when they’re making more — but you never realize what’s coming up with life.”

For most people, savings should start at a reasonable rate, with the ultimate goal of saving 10-15 percent of your income.

“That can seem like big number, but if you’re doing 3 percent and your employer is doing 3 percent, you’re already at 6 percent of your income,” he said. “Maybe next year you can take a look at your finances and maybe bump it up 1 percent. Start where you can, and try to keep adding and ratcheting up your percentage.”

He compared saving for retirement to finding the money for a new car payment. It can be hard to figure out where to find money to make payments in the beginning, but then the monthly bill becomes a normal part of your spending habits.

Orbin noted that no matter how much you save, or when you start, it’s important to create a well-thought-out plan and stick with it, no matter what the stock market is doing.

“We are in a fantastic market now, but it’s not unusual to see the market decline 5-10 percent in one year,” he said. “That’s part of the discussion that I’ll have with my clients, finding where their comfort is. Let’s talk about this now, and decide now to ride it out when that does happen, because it will happen.

“What I often see people do, when the economy gets ugly and things are downturned, people will often panic and they just want to cash out,” said Orbin. “Thick or thin, good markets or bad markets. Bravery is easy when the markets have double-digit returns. It’s a bit harder when you have a correction.”

Where to save

You’ve looked over your paycheck and spending obligations, and have a small amount left over that you’d like to save for retirement. Now what?

You could start by talking to your employer to see if you can have money deducted from each paycheck and invested in a 401(k); you might even be eligible for an employer match, which would double your money invested. If that’s not an option, you can contact a local broker or bank to learn more about their IRA, or Individual Retirement Account, availability.

“You can start quite small. With many mutual funds, it’s a minimum of $50 a month or a lump of $250,” said Orbin.

Mutual funds have the added benefit of investing in multiple companies, rather than buying a share of stock in one individual company.

“If you go into one mutual fund, every one of your dollars is being diversified among hundreds of different companies,” he said.

The younger you are, the more aggressive you should likely be with your money — investing more in stocks and stock mutual funds, and less in bonds or cash.

One simple option is to choose a target date fund, said Orbin. Choose a fund with the year that you plan to retire, and that fund will invest all of your money in a diverse selection of stocks and bonds that it appropriate for your age.

“People get overwhelmed with choices, and they freeze. Sometimes it’s better to just keep it simple,” he said. “You can basically pick that (target date fund) and forget about it. It will automatically adjust as you approach your retirement date, it will automatically become more conservative. If you’re not paying attention it’s a great starting point for something that’s automatically diversified and will adjust with age.”

I’m near retirement: Is it too late?

If you’re approaching retirement age and have little to nothing saved, now is the time to take a critical look at your situation, said Orbin. Maybe you weren’t in a position to save earlier in life, or time just slipped away faster than you expected.

A financial adviser may be able to walk you through your options based on your current income, savings and health.

Help might also come in the shape of a friend or family member who can share their own financial path, or a trusted person you know who can recommend a broker or adviser.

If you’ve saved some money for retirement but not quite enough, Orbin noted that it might be possible to invest more aggressively in stocks to make up some of your shortfall — but to take care, because the older you are, the less time you have to ride out stock market fluctuations and corrections.

Annuities can also be a good fit for some people in retirement, because they have a higher guaranteed return than most investments — but have the drawback of leaving less money behind for heirs.

It’s OK to speak to multiple advisers, take notes, and learn more about your options, he added.

“It’s about finding the right person who wants to find the time, who can focus on you and wants to help you,” said Orbin. “You need to find someone that you’re comfortable sitting down with. It’s important to have the right match with personalities.”