Ecclesiastes 5:13-14 tells us God frowns on hoarding wealth, but He also doesn't want us to mismanage it so that our future needs aren't taken care of.

A vital part of saving is planning for retirement. According to a recent survey by the Employee Benefit Research Institute, 54 percent of Americans have less than $25,000 in total savings and investments. The amount you put away depends upon a variety of factors, including your current income, goals for retirement, and how long you plan to work.

You should also take into account whether or not your mortgage is paid and what other types of expenses you expect to have.

Saving at least 10 percent of your income during your working years can amount to a nice sum of money. For instance, if you save $300 a month with a 3 percent rate of return, in 10 years you'd have $42,047.

Consider setting up automatic deductions from your paycheck to go into savings on a regular basis. The key is to leave that money untouched unless absolutely necessary. Use a savings calculator like the one at bankrate.com to see how your money can grow over time.

Thinking Long-Term

You can also save retirement funds by following these tips:

  • Use a retirement calculator to figure out how much money you need to save. The Motley Fool (fool.com) hasa variety of calculators that can help. Plan to save enough money to replace about 70 percent of your current income.

  • Max your contributions to your company's 401(k) plan. New rules in 2013 allow you to save up to $17,500 a year. Those over age 50 are allowed to contribute up to $23,000 a year.

  • Open an IRA (individual retirement account) or Roth IRA. You can put away up to $5,000 of pre-tax money in an IRA or Roth IRA each year per spouse ($6,000 if you're over 50). IRA contributions are tax-deferred, so you pay taxes on the contributions and gains when the money is withdrawn. With a Roth IRA, you make contributions with after-tax dollars, so you won't pay taxes on earnings if you begin making withdrawals after age 59½ and the account has been open for more than five years.

  • Invest for the long-term. You'll be hit with high penalties and taxes if you take money out of these investments before age 59½. Never borrow from your 401(k), and always roll your 401(k) balance into a traditional IRA or Roth if you change jobs.

  • If retirement planning is still overwhelming or confusing for you, consider seeking help from a trusted financial advisor. Dave Ramsey's website (daveramsey.com) can help connect you with a local recommended advisor.

The amount you must save when you're in your 40s is a lot higher than when you were in your 20s. You still can build a comfortable nest egg, but you'll likely need to adjust your current spending habits to find more money to contribute to retirement accounts.

This article is courtesy of HomeLife Magazine.