Todd, one of the reasons most people don't start saving for retirement at an early age is because they think they don't make enough money to afford saving. Also, they don't think that small contribution amounts can add up over the years - thanks to compound interest - and really make a difference in their retirement outcome.
It's much easier to start early and let compound interest work for you. If you wait until you're older, you'll have to set aside a much larger portion of your paycheck every month. That's why experts recommend starting at an early age.
To give you an example of how important it is to start early, here's my personal story:
I started saving 10% of my salary at age 25 when I was making $9.25 per hour and today I have over $400K in retirement savings. It wasn't easy to take 10% out of my paycheck when money was so tight, but I had to keep reminding myself that this would payoff in the end. And it did. My personal story was featured on Vanguard.com
| 01.11.16 @ 21:00