When is it recommended to start saving for retirement?

Starting to save for retirement as soon as possible is crucial for several reasons. The earlier you begin saving, the more time your money has to grow through the power of compounding interest. Compounding allows your initial investment to generate earnings that can also earn returns over time, significantly increasing the total savings available by retirement age.

Additionally, beginning early often means you can contribute smaller amounts regularly rather than waiting until you're older and potentially needing to save larger sums to catch up. This can reduce financial stress and allow for greater flexibility in your savings strategy.

Moreover, starting early helps cultivate a savings habit, which is beneficial for overall financial health. It sets a precedent for consistent saving behavior that can carry over into other financial goals. Overall, prioritizing retirement savings right from the start is a wise financial strategy.