Five Steps to Growing Your Nest Egg

4. Skip the car: If you live in a city with decent transportation, consider dumping your car altogether. If not, buy a quality used car and drive it into the ground. Before buying a second car, give serious thought as to whether it is truly needed. Whatever the number of vehicles that you do decide to purchase, make sure that you purchase only the size and additions that you truly need for transportation and not more.

5. Build a part-time business: If saving more of what you currently make isn't possible, then take something that you love to do in your spare time and turn it into a small business. This can help supplement your income and build your nest egg while doing something that you truly love. It also gives you the opportunity to open up a Simplified Employee Pension Plan. If you run your business from your home, it can result in a large number of tax benefits. And if there is always a possibility that it will eventually become big enough so that you can quit your job and spend all your time doing the thing you love.

While the future always seems far away, it will arrive a lot faster than you imagine. For those who want a more specific rendering of how your nest egg is shaping up, A.G. Edwards also offers a nest egg estimator that will give you an indication of how your personal nest egg is progressing.

Make sure to take the proper steps today in order to ensure you arrive at retirement with a nest egg that will enable you to do all the things that you have always planned to do.

For more calculators to help you figure out how to save for your retirement -- or anything else -- check out TheStreet.com's Calculators.