October 22, 2008
How old is the right age to start planning retirement?
Brian S asked:
I am 24 years old. I have started my first real job after Graduating from College. When is the right age to start a 401K?
Nestor
I am 24 years old. I have started my first real job after Graduating from College. When is the right age to start a 401K?
Nestor
Comments on How old is the right age to start planning retirement?
As early as possible - the longer you leave money in a pension fund, the harder it works for you - so generally every ten years later you leave it to start saving you will need to put 10 times as much money into your plan a month in order to have the same return at the end. Start now, save what you can afford and you’ll retire in comfort - leave it a while and it won’t be as easy.
now…the sooner you start the sooner you can retire plus social security will probably be a memory by the time you are old enough to get it so count only on your own financial planning to get by after retirement.
right now .. at 55 I am retired ..started saving on my 1st job .. 10 % of income pay your self 1st that was savings
Now would be good. Can you estimate what your cost of living will be in 41 yrs? None us can, but if we don’t save for it, what will we do when the time comes? Social Security might not be there to help us, so we must help ourselves.
i started when I was 18. there is no such thing as too young. by 24 you most defintely should have started already.
if you think you have saved enough from your savings. but you’re so young to consider retirement. you’re not even in the prime of you’re life. keep going and enjoy your job.
As soon as you begin working.
I am not an expert, but am 59 years old and never planned for my retierement and now am very sorry. It is my “opinion” that before you get out of High School, you should be thinking about how to plan for retirement. At the age of 18 is not too soon to start planning. Consult a CPA or an estate planning counselor for more information. A whole life insurance policy should be opened early while you have good health and keep it no matter what so you won’t have to re-qualify healthwise later…….When you get married, you should start a revocable living trust etc……CLA ESTATE SERVICES is one such source….I am not a salesman neither am I a cpa or affiliated with any such business…….just common sense information//G
I would begin Now. Go to a financial Planner either at your credit union or bank. They would be able to help you out with how to go about it.
Start planning now.
As soon as you have a job.
Behold the power of compound interest! Start as early as possible.