So many things in life are learned the hard way or too late. For example, saving for retirement! It is incredible how starting early pays off. You can even blow off your 20s and start when you are 30! If you start depositing $264 a month into a retirement account at age 30 and earn and average return of 10%, you will have a million bucks at age 65! Be even smarter and start at age 20 and you only have to save $100 a month to be a millionaire when you hit 65! Start when you are 10 and you only need to save $35 a month!!!! Start when you are born and you only need to save $13 a month!!!! Start before you are born and...well, nevermind. Seriously, the earlier you start the better! If you think you can't afford to save for retirement in your 20s or 30s, wait until your 40 and then you definitely won't be able to afford it. If you start when you are 40, you will have to save $754 a month! Wait until you are 50 to start and you will have to save $2413 a month! Of course, I guess you can decide not to be a millionaire - maybe live off of social security that probably won't even cover the bills and may or may not even be there for you when you retire. Just sayin...
Even if your goal is not to be a millionaire (it takes more than you think to have enough for retirement years), you definitely need to start early and you need to set a goal for retirement (age and amount) so you will know how much you need to save. You can google a savings calculator and figure it up. You might even want to be more conservative than 10% on the return and don't forget that whatever amount you figure on won't go as far then as it will now - inflation.
Even if you think you will become a millionaire as a sports hero, rock star, famous writer, or CEO - start saving just in case none of those come through for you...for most people, they don't.
Save now or pay later