The simple answer to when to start saving for retirement is “as early as possible.” The earlier you begin saving, the more you can take advantage of compound interest. We recommend that everybody take advantage of employer-sponsored retirement plans such as 401(k) plans or IRAs as soon as they become eligible and max out annual contributions. Also, find out if your company offers an employer match to your contributions. You can potentially double your savings by participating.
If your employer doesn’t offer a retirement savings plan, then you should open a personal account, such as a traditional or Roth IRA, and contribute as much as you can.