SARASOTA, Fla., March 20, 2012 /PRNewswire/ -- Adequate retirement savings has become an issue of significant concern to members of every income bracket.It should come as no surprise that according to a recent BMO Harris survey, the majority of U.S. residents (57 percent) are not confident in their ability to save for their ideal retirement lifestyle. Approximately half of U.S. residents (52 percent) say they have/will or anticipate maybe having to delay their retirement and/or work part-time during retirement due to a shortage of retirement savings.

"This is a critical wake-up call to everyone, no matter what your age," said Jack Kuhn, Florida Manager, M&I Wealth Management, a part of BMO Financial Group. "Our best advice, start now!Get smart about planning and saving for retirement, and get educated about the many strategies and tools available to help maximize your savings."

Kuhn provides the following tips to guide you as you review or initiate your retirement planning:

Meet with a professional: A financial advisor can provide the guidance you need to learn about the retirement planning process and assist you in creating a realistic retirement plan.You just might be surprised at some of the opportunities available to help build your nest egg.

Start Early: We can't say it enough.Start saving at an early age.Doing so gives you the advantage of compound interest, your money will be working for you every single day.Just ask your parents, they learned this lesson the hard way.

It's never too late: Don't be discouraged if you haven't been saving for retirement. Instead of giving up, like many people do, start now. Contact a financial advisor who can help you develop a plan for the best retirement that you can have.

Take advantage of your company 401(k): There are many advantages to 401(k) plans. Don't miss out on any of them.Although rare these days, some companies still offer to match your contributions (guidelines will vary by company). If there is no match, you still benefit because whatever you put into your 401(k) plan is tax-deferred. Don't forget that when you leave a company, you can take your 401(k) contributions with you or make a rollover into other retirement vehicles.

Consider a Roth IRA: A Roth IRA is a special type of retirement plan under U.S. law that is generally not taxed, provided certain conditions are met. Tax treatment is different for this plan because the tax break is granted on money withdrawn from the plan during retirement, rather than for money placed into the plan.

Commit to saving, even if you start small: Ben Franklin said it best, "A penny saved, is a penny earned."

Parents, educate your children: So many of us are learning the retirement lesson, save early and save often, the hard way.Share this knowledge with your children, and guide them to make saving an important part of their financial lives.

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U.S. Residents Not Confident in Their Ability to Save for Retirement