The time to start thinking about retirement is before you start working.
The next best time is now.
No matter how young- or old- you are, you need to be preparing for the future.
Because the future will be here whether or not we prepare for it.
Start your children young by having them invest at least 10% of every dollar that comes into their lives, whether birthdays, holidays, special occasions, allowance, or a part-time job. When they are too young to make decisions for themselves, you can decide how to invest the funds. Once they are old enough to have an opinion, include them in the process. For example, they can buy stock in their favorite companies.
When you first start working, save at least 10% of your after-tax income. This is your gross pay less government taxes. It may seem impossible at first, but you will be surprised how much easier it is if you make this a habit before your lifestyle catches up with your increased income. Continue to invest at least 10% of any other money that comes your way.
As you continue to earn more money, continue to increase how much you are investing. Once again, you will not miss the additional amounts if you do not get used to spending the entire pay increase.
If you want to retire early, or if you find you have not saved enough, invest even more. Make it game to see if you can beat your goals. Find little amounts that can add up. Figure out expenses you can reduce or eliminate that could be diverted to investing.
If you find you are nearing retirement and will not be as ready as you would like, you may find you need to delay retirement. You may also have assets that you could sell at a profit, replace with less expensive items (house, car, etc), and invest the proceeds.
And, remember, not everything has to be in a government-recognized or employer-sponsored retirement account for it to be part of your retirement fund. Any assets you own can be used to help fund your retirement.
If you would like to discuss your options, please DM me. I would love to offer you a free First Steps financial strategy zoom call to figure out where you are, where you want to be, and your best first steps to start down your path to financial success