When I graduated from college I was 21 years old and 5 months pregnant. I had other things on my mind than saving for retirement. . . like rent, food, graduate school, paying off the hospital and doctor bills (it was a pay as you go baby). I put it off until I was about 48 and the children were launched. Then I opened a tax deferred account through TIAA-CREF and started setting aside the maximum allowed. Since I didn’t go back to work full time until about that same time, I was really behind. If you’re starting out, don’t do what I did.
Here's how interest compounds over time: If you save $10 a day at age 25, you'll have more than $1 million by age 65, assuming an 8% annual rate of return. If you start at age 35, you'll have $445,000. At age 45, you'll only have $180,000.
http://online.wsj.com/article/SB10001424052702304432704577348052844503384.html
