How Old Were You When You Started Saving For Retirement? 

How Old Were You When You Started Saving For Retirement? 

“Save early and save often” is the mantra of just about every personal finance expert. But we all get started on our retirement savings journey at different times. When did you start and what prompted you to do it?

Every year counts. Wells Fargo’s retirement study found that workers aged 55-59 had saved three times as much as those age 60 or older, simply through the power of compound interest and starting earlier. (The 55-59 group started saving at an average age of 31, while those 60 and older started at an average age of 37.)

If you are or were late to the game, though, there are still ways to catch up, from being a bit more frugal so you can make catch up contributions to adjusting your asset allocation for more risk (which, obviously, involves more risk).

Let’s share when we started, the things that jump started our retirement planning, and what we’re doing at this point (whether trying to catch up or just coasting along on super).

The Cheapest NBN 50 Plans

Here are the cheapest plans available for Australia’s most popular NBN speed tier.

At Lifehacker, we independently select and write about stuff we love and think you'll like too. We have affiliate and advertising partnerships, which means we may collect a share of sales or other compensation from the links on this page. BTW – prices are accurate and items in stock at the time of posting.


10 responses to “How Old Were You When You Started Saving For Retirement? ”