Give Your Retirement Savings Some CPR

Remember that dream you had of spending your retirement lolling around by the lake and sipping lemonade without a money care in the world? Don't give up on it just yet.

Even if 2008 did a number on your retirement nest egg ("Nightmare on Golden Pond," anyone?), you still can secure a happily-ever-after ending by getting serious about your savings plan from this day forward.

Here are three ways to instantly improve your future prospects.

1. Increase your 401(k) contribution by just 3%. Get your 401(k) contribution paperwork from your human resources department and bump up the amount you're contributing by just 3%. (You can modify your contributions at any time of the year.) If you earn $50,000 a year, that's an additional $1,500. Stash away that much, and if you earn an 8% average annual return over five years -- not entirely impossible in post-bear-market conditions -- you'll add $735 to your earnings. Not bad. If you commit to the 3% goal for five years, for an additional investment of $7,500 invested, your retirement nest egg will blossom to $11,087.

If you think you can't swing the extra savings, consider this: Contributing to an employer-sponsored 401(k) or 403(b) with a matching plan offers you two instant savings boosts. First, there's the free money. A 25% match, the equivalent of two-year market-beating returns just for showing up, turns your $5,000 contribution into $6,250. Second, there's the tax break. If you're in the 25% tax bracket, for example, a dollar deposited into your retirement plan cuts your tax bill by $0.25. Put another way, you have to reduce your spending by only $0.75 to save a buck.

If you're 50 or older, take advantage of yet another break -- another tax break at that -- with the catch-up contingency, which lets you sock away as much as $22,000 in pre-tax dollars per year.

2. Open an IRA right now. Yes, right now. Delaying just one single year can rob you of tens of thousands of dollars down the road. The IRA contribution limit for 2009 is $5,000, and to max before next April's tax deadline, you'll have to set aside $454 a month for the next 11 months. (If you're 50 or older, you may be eligible to contribute $6,000.) Even if you can't max out that amount, set aside something -- anything. And stay on course month after month by automating transfers from your checking account into your IRA.

3. Save another $100 a month for retirement: What will an extra $100 in savings a month add to your retirement paycheck? Let's do the math: Investing an extra Benjamin a month for 20 years and earning 8% interest annually will add about $60,000 to your retirement kitty.

In real-world, spendable future dollars, that comes to an extra $168 a month -- adjusted for inflation.

In this monthly "Things to Do" column, I hope that you've picked up a handful of tips for effortlessly freeing up an extra $100 in your monthly budget. (Need a refresher? Scroll up a tad and click that link.) If you need a little more convincing, use Yahoo!'s savings calculators to figure out how much cash per month today's penny-pinching will enhance your golden years.

Major bonus points to those who tackle all three of these savings triage moves this month. Even if you can't max out your 401(k), fully fund an IRA, or scrape together the full $100 to invest every month, every little bit helps.

Fool.com columnist Dayana Yochim was no child savings prodigy, but she's made a valiant effort to overcome her youthful discretionary overspending.