how early to start saving?

[Bournecrazy]

how early is it to spart saving for retirement? im only 21 but i just read a post on a different board andd it got me thinking, with the way prices and costs are going im thinking of where/when to start, any help / suggestions would be great

[FrugalMomof3]

I say it's NEVER too early, starting now would be a great idea and then you would have alot saved up by the time you retire.

I admire you for even thinking about saving now, it's a great thing to do at your age.

[The Muse]

Starting at 21 puts you at a huge advantage because of compounding interest. You might want to browse the Motley Fool website for financial advice. Even a few hundred dollars a year in a 401K or Roth IRA will put you ahead of those of us who got a later start. I started at 28 and wish I'd started at 21.

There are a number of place you can open retirement/investment accounts online. I like Vanguard for their proven track record and low fees.

[nodmicks]

I'd say now! I wish I would have started at your age. Every little bit really adds up over the long run. I commend you for thinking about it!!! At your age I didn't have a "future" though in my head.

[forHISglory]

The earlier you start, the more options you have about when to stop. Compounding interest and the stock market will usually allow your money to grow nicely.

I wish you the best!

[C@rol]

Now is a wonderful time for you to start and like it was already said, the compounding of interest is in the long run going to make it a lot cheaper for you.
Congrats to you for even considering to start to save for retirement now.

[Bournecrazy]

Even a few hundred dollars a year in a 401K or Roth IRA .

i can't use those as i dont live or work in the US, im from the UK and as far as i know only some work places/compaines help with retirement savings. we get a basic state pention and winter fuel allowence after you retire if you dont save anything or dont have much but it would be nice to know i had something saved even if its not going to be used for 50+ years

[Michelle]

I think every financial guru will tell you that it's never too early to start.

Good for you for being proactive

[Bournecrazy]

its just a case of where do i go from now, how do i get it going? who do i talk to?

[Bournecrazy]

might go with NS&I which do premium bonds, you have to buy atleast £100 each time but you have a chance every month to win prizes for each £1 of bonds held

[Frugal Nurse]

Now is the time and start with your bank. Get information, but don't make a commitment.

There are lots of investment brokers.
"Talk to Charles"

Look around on line.

Can you only invest in your own country?

Have you thought about investing over seas? lol!

[Bournecrazy]

i want it simple an account i can pay into monthly and so it sits earning interest.

i think i will get some bonds tho as they are 100% certain to get my money back as its a government scheme at leat for a bit, see if i get a chance plus its some form of savings.

but i dont know, i will have to look at my banks and see what to do, they might think im crazy for doing it know. but oh well at least i'm thinking of it

[MysticEagle]

I think it is great that you are looking to the future at such a young age. I believe it easier if you start out learning to live on a percentage of your income while saving the other. Just set the amount you want and then always try to keep it the same even as your income grows.

[Drgnfly423]

I agree with MysticEagle. DH and I have been saving for so long now, we don't miss the % coming out of our checks anymore. It's like it's not even ours to spend at all.

Good luck on finding the right place to invest. For us that was the hardest part. It gets much easier after that!

[wanderlusting]

Never too early! I started Thrift Savings (military version of 401K when I was 19) and opened an IRA account when I was 21