It does not matter where you are in life or how far away from retirement you are, it is never too early (or too late) to prepare.
You can actually set your children up with investments- savings, stocks, bonds, etc- that they can use towards a car, wedding, house, or continue to build toward their retirements.
The earlier you start, the more time you will have for your investments to grow. And, as Warren Buffet said, “Compound interest is the 8th wonder of the world”.
I meet many people who are in their late 40s or early 50s, who have checked all the boxes in life- college, marriage, kids- and are now panicking because they have been so busy paying for those things that they really have not started to save.
Even if you are nearing the retirement age, it is not too late. You may have to spend less and save more, or downsize your home or car, or work a little longer, but it is possible.
Remember, all of your assets- savings, investments, your house, your coin collection (maybe)- can be used for retirement. Your 401(K), IRA, or other government-recognized retirement plan is not the only thing that counts.
And, on the other hand, make sure that you are not so focused on retirement that you forget how to live. Life is not just about saving and investing. Make sure you are having fun, exploring, learning, growing, and giving.
Need help figuring out how you are going to be ready for retirement? All of my friends are welcome to one free First Steps Financial Strategy zoom call where we will discuss where you are, where you want to be, and your best first steps down the road to financial success. Let me know if you would like yours!