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Retirement May Be Far, But Your Savings Game Starts Now

Written by:

Adam Beckles

Edited by:

Kristin Marino

Updated on September 4, 2025

Have you started saving for retirement yet? If you haven’t and feel that it’s too late to start saving for retirement, here’s something you should know: it’s never too late.

In fact, you still have time left before the April 15th tax deadline for retirement savings in 2012. You’re able to contribute to a traditional or a Roth Individual Retirement Account (IRA) for 2012 provided you open the IRA before the tax filing deadline. Even if you’re unable to make the maximum allowable contribution of $5,000 any amount you start saving will help you in the long run.

You shouldn’t stop saving for retirement with last year, however. Once you have an IRA retirement savings plan established, you should begin contributing for this year. The sooner you are able to save for the 2013 tax year, the more time that money will have to accumulate interest. You should also continue to save to your IRA, and to save as to it as possible. Also, if you work at a company that offers a 401(k) profit-sharing plan, take advantage of that and start contributing today. Any contributions you make to a 401(k) are automatically deducted from your paycheck, and most employers match employee contributions (in varying degrees; some employers offer a 100% match).

Whatever you decide to save your money in, whether it’s a traditional retirement IRA, a Roth IRA, a 401(k), or other retirement savings program, it truly is never too late to start saving for retirement. In fact, the sooner you start, the sooner you’ll benefit from having that money waiting for your retirement.

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