Age to start planning for retirement

I will be turning 40 this year. Are there any tips for planning for retirement now?

Playing devils advocate– will you put the effort on this task the same as this post?

/snip

I dont know how people can plan for retirement… there are so many surprises in life. One question- more and more want to age in place. In other words- stay in same house - no nursing home. Be mindful if an elderly could live in your same home

I have 20 credits can I file for retirement benefits before age 62?

I wonder also when should people begin to plan for retirement, should we have a separate savings account for retirement and emergencies?

To Angela B's question on when people should begin to plan for retirement. I lead with the quote. When a person asked when he should plant a tree for shade, he was told "the best time to plant a tree was twenty years ago. the second best time is now. So simply put, the best time to plan for retirement is now.

Separate accounts are not necessary, but tend to be useful so that you won't spend into your retirement savings if the two were combined.

To Shalanda A's question. I assume that retirement benefits are social security benefits and at least to my knowledge the earliest is 62. As to filing it is recommended to file approximately 4 months before you reach the age 62 years old and 1 month.

To Sandra P's question. It is a very broad question to answer with only an age and not knowing anything else. Depending on your situation though you may easily plan for retirement. Now without knowing your situation I can't be specific, but if you don't have a lot of expenses it's likely that there is a possibility your SS benefits will cover your retirement in its entirety. If money is an issue and you have certain skill sets that are in demand it is likely you may also work longer or be hired by an entity that still provides a pension. If you have some time, you may also wish to use some of you free time to pick up hobbies that can be quite lucrative (ex. I have a person who grows these ferns, but apparently sells cuts of it for $150 on ebay). Again without any specific information it is hard to guide in your planning.

Personal Capital has an excellent tool where you can play around with different retirement scenarios. One thing you will find is you'll need to save a lot more to hit your goals than if you had started earlier (not judging. I'm in the same boat and bummed about it).

following :)

Start as early as you can!

What is the retirement age these days?

To answer @ Tiki M.

What is the retirement age these days?

The Social Security Administration says the average for 2018 is now 73.9.

This makes sense, data says people aren't ready for retirement meaning they'll need to work longer.

I think you should start saving for retirement as soon as you start working. Open 401K, 403b, 529, invest and anything that can help you to have a good income at the time of retirement.

Personal Capital has an excellent tool where you can play around with different retirement scenarios. One thing you will find is you'll need to save a lot more to hit your goals than if you had started earlier (not judging. I'm in the same boat and bummed about it).

Thank you!

One could Start as soon as you have income… Time is on your side at that point.

yeah

I would say start as early as possible, maybe your 20s

I’m 28 and someone told me that I need to start now. So that everything can fall into place later in life.