At what age do people start saving for retirement? What would be my first steps?

I am 28 and I live in California. I do not have a 401K and I have not saved a dime for retirement. Do you think there are a lot of 28 year old that haven't started saving? OR do you think the majority have already started? What age did you start? Marry it? What kind of answer is that? wow! So many good answers it's going to be hard to chose

Public Comments

1. I'm 29 and i have like 1500 in my 401K. Some have none and some have like 20,000 so far saved up All depends. I know a guy who has aroound 20,000 and he's 69 years old and still working.,
2. It's never too late to start saving for retirement. Most experts say that you should put away about 15 to 20% of your gross income toward retirement. OK, that's ideal and very difficult when starting off. Start small, like $100 or $200 per month to begin the habit of saving. The earlier you begin saving, the greater your retirement account will build to. Don't wait until you are 40 or you will find it difficult to save enough. Lots of advice books out there. I like Suze Orman (host of Women and Money on PBS). Other good books include Personal Finance for Dummies and Investing for Dummies. I am fortunate and my employer provides a pension. I also started saving $200 a month in a 403(b) retirement account soon after I started working. Planning for the future takes lots of research, patience, and fortitude to stay with a plan.
3. You are too early to start saving for retirement. I think you should be around 40 to do it.
4. When it comes to savings, the earlier the better. Most people don't save at all. Many of those that do don't have enough saved to retire. Here's how to figure out how much you'll need-figure out how much you'll need (remember inflation!), and divide that number by the expected return of your investments. The result will be how much you'll need to have in the bank when you retire so that you can live of the interest without touching the investment. For example, if you need $20,000 per year and you expect a 10% return on your investment, then $20,000 divided by 0.01 equals $200,000. If you plan to retire at 65 and you wait until you're 63 to start, then you'll need to save about $100,000 per year. If you start today, you'll need to save substantially less-about $100 per month. See an investment agent to find out how this works.
5. Actually,you should have started as soon as you got your first paycheck. Most young people do not think about retirement. If your employer offers a 401(k) plan,you should take advantage of it even if they don't match your contributions-it is tax deferred until you start drawing it out at retirement. Also consider a ROTH Ira. You can put up to $2,000.00 a year into it. It is after tax income so you don't pay any taxes on it when you draw it out. You should also open a regular savings account and keep enough money in it to cover living expenses for up to a year in case you become unemployed or have a large unexpected expense and you need cash fast. The sooner you start,the less money you will need in the long run to fund your retirement,plus,when you reach age 50-you may be able to put larger amounts into your retirement funds if it looks like there will not be enough money to fund your retirement years. I lost my 401(k) in 2003. I lost my job and had to use it to live on. Now I am 60 and no work and no reserve funds.