Saving for retirement isn't easy, especially as costs continue to rise and everyday life becomes more expensive. Social Security benefits also may not be as reliable as they once were, so older adults will need to rely even more on personal savings to make ends meet.

While there's no magic bullet when it comes to saving for retirement, the right strategy could help you save more with less effort. If you're looking to increase your savings by five times (or more), here are three steps to take right now.

There are plenty of places to put your money when preparing for retirement, but investing in the stock market is one of the most effective ways to generate long-term wealth.

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Source Fool.com