Here are some essential tips for maximizing your retirement savings. All of them work best if you keep contributing every month, whether the markets are high or low — and despite the inevitable ups and downs in your overall financial situation.

Pay yourself first

Some people plan to save "what's left" after all their expenses. The problem is that without careful planning there may not be anything left. An easier and more effective approach can be to pay yourself first, by making automatic deposits into your retirement account. Start by setting up payroll deductions into a workplace retirement plan, such as a 401(k).

Then consider monthly, automatic withdrawals from your checking account to your IRA. Both ways, you're sure to invest the same amount of money for retirement each month, despite any variations in your other expenses.

Take advantage of dollar-cost averaging

Dollar-cost averaging simply means that you contribute the same amount of money to your retirement plan on a regular basis. This approach is easy, because you don't have to make any investment decisions each month. Plus, it can help reduce the risk of trying to pick the best time to invest by evening out your cost per share of each investment, as the table shows.

Regular Investment	Cost Per Share	Shares Purchased
$500 (each month)	$25	20
$500	$20	25
$500	$10	50
$500	$20	25
$500	$25	20
$2,500 Total	Avg. Cost/Share = $18	140 Total Shares

Save more when your salary increases

The next time you get a salary increase or bonus, dedicate some or all of it to retirement savings. If you do it before you get used to having the extra money, the extra saving may be painless, and the long-term payoff can be large.

If you've already maxed your pre-tax contributions, consider contributing to another investment or savings account.

Avoid early withdrawals

Although you can withdraw money from an IRA account before you reach age 59 1/2, it's generally not a good idea. For starters, you'll have to pay taxes and a possible 10% IRS early withdrawal penalty on earnings and pre-tax contributions that are withdrawn. Beyond that, you risk your retirement savings goal, in two ways: You may not be able to replace the assets, and even if you can, you may miss out on years of growth.

For other (non-IRA) types of retirement plans, you cannot take an early withdrawal unless you have a triggering event (reaching age 59 1/2 or over, separation from service) or qualify for a hardship distribution. If you leave your employer prior to the year you turned 55 and you are not yet 59 1/2, you may have a penalty to pay in addition to income tax. If you are still working for your employer, you may have a loan option available, however. In general, you should try to avoid taking early withdrawals or distributions because the money should be focused on growing your retirement savings.

For help getting started on these tips and developing a customized savings plan that may help you avoid taking early withdrawals, find an Ameriprise financial advisor near you.