Save money for your retirement: When should you start?

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Disclosure: Information  for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network.” All opinions, as always, are our own.

Save Money for Your Retirement

When should you start to save money for your retirement? At 20, 30,  40 or later? The sooner, the better! Isn’t obvious? Not for everybody, unfortunately. The math is simple!  The sooner you start the more money you have for your retirement, the later you start the more money you need to save to reach your retirement goal!

If you start saving $50 a month at 25! You will save $600 per year for 30 years ($18,000  total). If you save $50 a month at 30. You will end up with $15,000. If you want to reach 18,000 at 60, you will need to save $60 starting at 30!

Everybody has those moments in life that can make us delay our retirement goal and savings! During our twenties, we study, we pay our student debts, we have fun! We don’t really think about starting to save money.

In our 30s we buy our home, have a partner, kids! It is a lot of cash going out! We still do not think to save money for retirement.

We usually start thinking of retirement in our forties. The kids are usually older, we have better paying jobs. Life is more stable! But then realize that we need to save a lot of money to reach our retirement goal! I did the math for a friend of mine.  He needed to set aside 1,000 a month! He could but it was frustrating for him! He had to cut back on so many things!

When should you start to save money for your retirement?

In my opinion, as soon as you start earning money, you should save money for retirement! You will develop this habit of saving money and you will not be frustrated! Here are some tips that can help you:

  • As soon as you get your first job: baby sitting, working in a department store, summer job, open a saving account! Set aside at least 10% of your income!  I know you are tempted to spend this money on nice clothes and parties but you will be happy later!
  • Did you get a bonus, a pay increase? Why don’t you increase that 10% to 15%! This money was not budgeted so you will not be affected!
  • Did you sell your items online? Did you get any money during the holidays, why don’t you set 30% of that revenue in your retirement saving accounting!

Those little gestures will not affect your daily life but will help you save enough money for your retirement. You will also not risk outliving your retirement too!

If you haven’t started your retirement planning yet and you are at a loss, be sure to check Genwort Financial! They have great calculators to help you save money for your golden years!

What if you outlive your retirement?

Outliving your retirement is  another concern!  Not only do you need to budget the right amount you need for your retirement but you need to know how to spend this money wisely so to avoid outliving your retirement saving.  Recently I came across an article on Yahoo Finance: 5 ways to avoid outliving your retirement savings. In this article, the author outlines different ways that will help you have enough money for the rest of your life.

One of the ways was to pay your mortgage quickly before your retirement. Mortgage bills are one of the biggest monthly bills. So paying that quickly will liberate a lot of cash! But should you focus on paying your mortgage bill faster or saving money for your retirement? In my case, I focus on paying more mortgage! I do save money for retirement though on a monthly basis! But if I pay my mortgage, I will liberate cash that I can set aside for my retirement! It depends on your mortgage, age, etc!

Have you started saving money for your retirement? Do you have any tips to offer on how to make saving a little easier?




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About Olfa Turki

Olfa Turki is a chartered accountant, a wife and a mom! She loves cooking with the kids, biking, reading books and drinking lots of coffee! Olfa now balances her family life with ownership and backend administration of websites such as,, .


  1. Thanks for this great post. I have always wondered when would be a good time to start saving!

  2. Saving Money for retirement is a must these days.

  3. We started saving money for retirement immediately after we got married. It’s a must!

  4. Great info. I’ve read enough budget related books to know that you really should plan for retirement as soon as you begin working as a teen but it’s so hard to think about when you’re still young when there are things you’d rather spend it on right now, but I know I should.

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