What age should you start saving money for retirement?

Question

I'm a college student who will potentially work on campus and have been wondering should I start saving money for retirement? Is this too early or should I start saving after I graduate and work a full time job?

Answer 1

It is never too early.  And you will benefit greatly by starting now. The compounding interest alone, could net you millions.  People who start in their 30's are at a greater disadvantage than people who start saving in their 20's. Sounds like you smart. Do yourself a favor and start saving now!

Answer 2

It is always a good idea to start saving as early as possible.  Even the little bit you put away now will be earning interest for many, many years until you retire.  Just don't leave yourself short of money.  

When you start working, just put the money in a savings account.  Give it some time to see how much you'll actually need for expenses while you are there before you put money in a retirement account.  Once you put it in, don't take it out.

Good luck.

PS: if I were you, I'd ignore that payday nonsense in the other answer.

Answer 3

Start when you can afford to set even a little aside, IRA & 401K's have yearly contribution limits so even if you only set aside $500 per year that money should double every 8 years

Answer 4

The sooner you get into the habit of saving, the better. If you can start with $50 per month fine, in 2 months add $2.00 more to it. When you get your tax refund, put all or as much as you can away. I didn't start savings until I was 28(that's when I got married). My wife forced me to give her money every time we got paid and I'm glad she forced me into it. Been married 35 years and we still do it.

Answer 5

Since you are still in college, I suspect you also have student loans.  Use your paycheck to cover educational expenses. You can wait till you graduate and get a full time job to start a retirement account.

Hopefully, the job will have a good 401K program that you can max out.