What is generally considered the best time to start saving for retirement?

Starting to save for retirement as soon as you have your first full-time job is considered the best time for several important reasons. Primarily, it allows individuals to take advantage of compound interest, which can significantly increase the amount of money accumulated over time. The earlier you start saving, the more time your investments have to grow, even if you are initially saving a small amount.

Additionally, starting early fosters good financial habits and provides a longer period to adjust contributions and investment strategies as one's financial situation evolves. Earlier participation in retirement accounts, such as 401(k)s or IRAs, often leads to a more substantial retirement fund, enabling more comfortable living in later years.

Timing related to major life events, such as paying off debts or having children, may introduce delaying factors that can hinder the ability to save adequately for retirement. Therefore, beginning to save right after securing a steady income establishes a foundation for financial planning and security that can benefit individuals throughout their lives.