NEW YORK — A recent survey reveals Americans believe the ideal retirement age is 58, but financial advisors are urging people to start saving much earlier to ensure a secure future, according to CNBC on August 23, 2025. The Empower survey, conducted on June 2 with 1,001 adults, highlights a gap between aspirations and reality, as many start saving later than planned. Financial experts stress that beginning in your early 20s can significantly boost retirement funds due to compounding interest.
Gloria Garcia Cisneros, a certified financial planner at LourdMurray, noted, “Three decades is a good amount of time for your money to grow and compound,” emphasizing the benefits of early investment. For example, saving $100 monthly from age 22 with a 6% compounded return could yield over $242,000 by age 65, per CNBC calculations. However, a 2024 Transamerica report shows Gen Xers and baby boomers began saving at ages 30 and 35, respectively, often due to debt or low income, per CNBC.
Key recommendations from advisors include:
- Start Early: Saving in your 20s maximizes growth potential.
- Use Tax-Advantaged Accounts: 401(k)s and IRAs offer significant savings benefits.
- Plan Aggressively: Late starters should save more to catch up.
Posts on X reflect mixed sentiments, with users like @fiidiidata noting optimism about early savings but others expressing concern over rising costs. A 2024 CNBC survey found 40% of Americans feel behind on retirement savings, citing late starts or insufficient income. Advisors warn that waiting until your late 20s, as the survey’s ideal age of 27 suggests, may still fall short for those aiming to retire at 58. With Social Security concerns looming, experts urge personalized plans to bridge the gap.
