Start saving more money – it’s one of the top New Year’s resolutions workers made every year. And this year, one financial strategist offers advice that can help you teach your employees how to actually meet that goal in 2011.

Financial coach and strategist Bill Losey has compiled two New Year’s resolution lists — one for older workers and one for those of a younger generation — that workers should strive to stick to in order to achieve more financial and retirement security.

Next time you hold a benefits meeting or financial planning session with your employees, here’s what to tell them they should be aiming for in 2011:

For those in their 40s and younger

1. Open an IRA or 401(k), if they haven’t already. Sure, these tend to be the years when it’s the toughest to find money to save — especially for employees in their 20s and early 30s. But starting to save while young is critical to build up a large nest egg. At the bare minimum, employees should be saving enough to earn the full company match.
2. Invest 70%-80% in equities and stocks. Younger people can take on more risk. It’ll pay off in the long run.
3. Pay down debts — like credit cards and auto loans. Workers should strive to have less non-deductible debt by the end of the year than what they started the year with. The goal should be to eliminate all debt — except for maybe a mortgage — by the time retirement rolls around.

For those 50 and over

1. Max out 401(k) contributions. If people haven’t saved up as much as legally possible every year they’ve worked, encourage them to take advantage of the catch-up provision. It allows workers to contribute an extra $5,500 per year (over and above the $16,500 limit).
2. Pay off that non-deductible debt. Once again, the main goals are to eliminate credit card debt and auto loans. This will free up a lot of cash in retirement — and that cash will come in handy as medical expenses are sure to escalate at this age.
3. Readjust asset allocations. As workers get older, they’ll want to get out of equity and stock investments (no more than 50% to 60% of allocations by their 60s).
4. Start stashing money in savings, CDs, money markets or treasury bills. A good goal is to have three years’ worth of income in these savings vehicles by retirement. Reason: They protect money from the ups and downs of the stock market, and this is typically where people start drawing money from when retirement rolls around.

Tags: 401(k), benefits meeting, Bill losey, financial planning, IRA, New Year's, resolution