When did you start saving for retirement?

[Counting Down]

I started saving in my mid to late 20's, but it was fortunate happenstance. At that time I went to work for a company that still had a phenominial retirement plan as well as a company matched 401k. My first day of work I made a spur of the moment decision to participate in both. Some 10-12 years later they quit allowing new hires into the retirement plan but continued it for existing members. Now, 713 days away from being eligible for early retirement (55) I couldn't be happier with my good fortune.
As an aside, my children stand to inherit several hundred thousand dollars from their grandparents, and I'm going to see to it that it is invested and used to provide the same early retirement opportunity for them, regardless of what other retirement options they have.

[J&B]

We started "saving" for retirement when we were 25, however, life got in the way. About 15 years after that, we had to use that money and be taxed on it in order to save our business which was our livelihood. We did manage to do that, however, a couple of years after that, we were made an offer to sell and one of our partners forced the issue.

Instead of taking the easy way out, it took us 10 years to pay everything off. We were never late on a payment but money went to the debt first.

So, now, we are waaaaaaaaaaaaaay behind. We are also financially responsible for an elderly parent and what do you do?

We have 10 years to really ramp up and save, save, save.
Can we do it? We just have to.

Any suggestions from those who may have had a similar experience?

[Buckhead_Broker]

I agree with the post saying kids need to be taught earlier about responsible money management. In a world bent on rabid consumerism, it's too easy for kids to get off to a bad start. I'm starting my kids off by teaching them the real difference between an asset and a liability - many adults don't know that!

As for when I started, I was still in college. My wife and I live a good life, take nice vacations, send our kids to private schools - but, we work our fannies off, drive older model American cars, use coupons at the grocery, do our own yard work and have a nest egg into the many millions.

[Bette]

Originally Posted by Buckhead_Broker

I agree with the post saying kids need to be taught earlier about responsible money management. In a world bent on rabid consumerism, it's too easy for kids to get off to a bad start. I'm starting my kids off by teaching them the real difference between an asset and a liability - many adults don't know that!

As for when I started, I was still in college. My wife and I live a good life, take nice vacations, send our kids to private schools - but, we work our fannies off, drive older model American cars, use coupons at the grocery, do our own yard work and have a nest egg into the many millions.

We love Buckhead. One of our clients/friends has a store there and we visited them in November 2007. Went to a couple of great restaurants and didn't want to leave. Our friends live in Smyrna. We drove through the area every day with all the beautiful homes.

We sound just like your family though we have not saved as much - like 1/10 of what you have. Our daughter just finished college, is on her own and our son still in college - actually just started. So we need to save, save, save. They are great kids so no problem there. Any hints for us??

[BucFan]

My parents did a good job in influencing me to save. I started to save right after college @ 27 yrs of age (late start after the Army). 17 yrs later, have approximately $550,000 (no home) and will receive a pension starting next year @ $4100/mo.

Getting a college education (and later Masters) was my best investment. Also not buying a new car as often as my friends was a money saver. I haven't purchased a home, but that'll be my next big purchase. I may pay cash.

I work with a lot of young people who have two new cars, credit cards are maxed out, and have no savings to show for it. I'll be surprised if they have any $$$$$ for their children's education, a home, or their retirement.