Most experts agree that retirement planning should begin when?

Retirement planning is ideally initiated at the start of one's career, as this allows individuals to capitalize on the power of compound interest over time. Starting early means that even small contributions can grow significantly due to the potential for returns to accumulate on both the initial contributions and the interest earned.

When people start saving for retirement as soon as they begin their careers, they develop a habit of saving and investing that can lead to greater financial security later on. Early planning also enables a more comprehensive view of long-term financial goals, making it easier to adjust contributions and investments along the way as income and expenses change. This proactive approach helps mitigate the risks of inadequate savings later in life and can lead to a more comfortable retirement.

The other suggested timings for starting retirement planning are less effective because they miss the benefits of starting early. Waiting until marriage, for example, may delay financial planning and reduce the time available for assets to grow. Beginning to plan only when enough wealth has been accumulated can lead to missed opportunities for earlier, possibly more significant savings. Lastly, starting within 15 years of retirement often leaves little time to build a substantial nest egg, putting future financial security at risk.