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-   -   When should one start thinking about saving for retirement? (http://www.thefinanceforums.com/showthread.php?t=7904)

VanReb 03-05-2013 03:46 AM

When should one start thinking about saving for retirement?
 
20s is too early, but is 30s too late? When is a good time to start planning for your retirement?

littleroc02us 03-05-2013 02:28 PM

Re: When should one start thinking about saving for retirement?
 
Actually, your 20's is much better then your 30's based on compound interest. If each person wanted to retire at age 60, one guy starting at 25 and the other at 35 and both contributed 5k a year making the same rate of 10% the 25 year old would have 1.5 million and the 35 year old would have 540k. The earlier you start the more compound interest will benefit you.

Justin Pierce 03-08-2013 02:07 AM

Re: When should one start thinking about saving for retirement?
 
yes, I agree with the idea that it is better to start planning for your retirement earlier. Obviously, this is more beneficial in terms of savings.

nimbus 03-08-2013 01:35 PM

Re: When should one start thinking about saving for retirement?
 
I think the sooner the better. 30's is not too late. I am in my 30's as well and think it is about time I get aggressive about retirement.

millert25 03-08-2013 11:03 PM

Re: When should one start thinking about saving for retirement?
 
The sooner you start, the more lenient you can be later on.

TalkToChuck 03-26-2013 02:56 PM

Re: When should one start thinking about saving for retirement?
 
The earlier the better! You just need to juggle your short term and mid term needs with your long term (retirement) needs. It may not be worth it to you to live a frugal lifestyle until retirement to afford you a lavish retirement. You may prefer a more balanced pre and post retirement lifestyle. It's up to you! However, it's never to early to start SAVING. You can save for retirement without putting money into a retirement account.

Outline your short, mid and long term goals and the importance of each. This should start to build a roadmap of your plan. You'll have to decide how much to allocate to each goal depending on how important it is to you.

clydefreeman 04-02-2013 01:09 AM

Re: When should one start thinking about saving for retirement?
 
I believe the earlier the better. It is beneficial to you if you start earlier at the age of 20's-25's. At this age you can manage your earnings because you are single and no obligation yet.

dimpibhosle 04-02-2013 01:23 AM

Re: When should one start thinking about saving for retirement?
 
I think age 28 is good for start thinking about saving for retirement

johnmclaren 06-12-2013 08:06 AM

Re: When should one start thinking about saving for retirement?
 
Yes! Van,
Totally agree with you early to think, plan and implement always works.

khaera 07-11-2013 03:34 AM

Re: When should one start thinking about saving for retirement?
 
As early as possible would be good. First off, ask yourself what age would you like to retire... say 65..then estimate how long do you think you'll still live, your daily expenses, emergency fund, recreation, hospitalization, etc. I hope this give you an idea. :)

janek 09-18-2013 03:28 PM

Re: When should one start thinking about saving for retirement?
 
Best time: Yesterday. And no, I'm not joking.

We didn't start saving seriously until much too late in our 40's. It took some intensive and complex financial plnng - in addition to my spouse being willing to keep working at a difficult public agency job that drove him to a stroke at age 50 - to get our retirement safely on track.

There is no one I know, rich or poor, who sits back in retirement and says, "Wow, I saved up way too much money!"

Do it now and the compounding will really work for you. Good luck! :)

Rupert Rivers 10-25-2013 09:19 AM

Re: When should one start thinking about saving for retirement?
 
I personally don't think there is a perfect age. The best time is when you are in steady employment and you can afford to start putting some of your income away

danielhermann 12-31-2013 01:51 PM

Re: When should one start thinking about saving for retirement?
 
Start investing ASAP and to the extent posssible. At the same time, live life fully.

gsellati 01-10-2014 09:54 AM

Re: When should one start thinking about saving for retirement?
 
I didn't start contributing to my 401k until I turned 27. I maxed it out a month later.

Looking back, I wish I had started investing in it as soon as I had the opportunity (shortly after turning 26).

The sooner, the better!

BrianWeatherdonCFP 01-10-2014 09:00 PM

Re: When should one start thinking about saving for retirement?
 
Retirement will mean a different thing in future ...even as it's different today for Boomers than it has been for the older more traditional generation. Retiring might mean having the financial freedom to take a break when you choose ....at any age. SO for sure, today (or yesterday) is the best time to start saving. I'd say age 18 or so LOL but just so long as you are creating the freedom to enjoy your life, while building resources that you will always be able to draw upon in future. <<>> You might like to glance at the book (amazon or kindle) Protecting Life, Loved Ones, and Future Dreams. It was written to help people especially in their 20s to 40s build financial security, eliminate unneeded expenses along the way, and create & sustain the lifestyle they want. So that could be a resource for you. At amazon simply open the free preview and see the table of contents, & next page lists the appendix Q&A, so you can see all that before choosing whether you want the book. Cheers and best to you!
BW


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