Ten ways Americans can financially prepare for retirement

The world is going through uncertain times, and looking into the future can seem overwhelming. Still, planning for retirement is always a good choice. The sooner, the better.

Planning for retirement can come with much stress and doubts about the financial aspects: how to save, where to invest, or how to address this with an employer.

Luckily, the US Department of Labor has laid out a list of ten ways to prepare for retirement that covers all the financial and labor aspects of planning.

The first and most crucial of those tips is to start saving if you haven't yet. Start small and increase the monthly amount over time; it doesn't need to be high.

But it does need to cover your retirement needs. To devise an effective saving plan, list your needs, picturing what you want for retirement and when.

To achieve this, there are some factors you need to consider. The financial firm Morgan Stanley lists five: longevity, market volatility, inflation, taxation, and bequest.

To understand how much to save, you must factor in inflation. The US had an average of 3.22% yearly inflation in the last century.

You should also consider that you will live longer than the current life expectancy, so plan for a long retirement and factor health care in. Finally, evaluate what you want to leave for your loved ones.

If your employer has a retirement plan, contribute to it. That will make the savings part easier, reduce your taxes, and sometimes, the company might contribute too.

Check if your employer has a pension plan, if you might be covered by it, and how it works. Pay attention to what would happen with the benefits you accumulated if you change jobs.

If you choose a financial retirement plan, learn how your funds are invested. Market volatility can also be an issue. Ask about what your investment options are, and clear all your doubts. Be sure where you put your money.

If you withdraw your retirement funds, it will not only set back your savings but also cost you tax benefits or penalties. Be sure to check the conditions before choosing your retirement plan.

If your employer doesn't have a retirement plan, suggest creating one. The company might be able to set up a program that benefits it as much as its workers.

Alternatively, the Department of Labor recommends an Individual Retirement Account or IRA. You can save up to $6,000 annually, and they offer tax advantages, depending on your chosen type.

Find out about your Social Security benefits. According to the Department of Labor, on average, those benefits replace 40% of pre-retirement income. You can learn about it on the Social Security Administration's website.

Finally, the Department of Labor admits that these tips are laid out pretty simply, so you must research all the information you are reading more in-depth.