The Key to Retirement Success: Start Saving by the Right Age

A report from the Milken Institute suggests that Americans should start saving for retirement no later than 25 years old, saving $100 a week from then on to generate savings of over $1.1 million by age 65. The study highlights obstacles such as steep healthcare costs, social inequality, and student debt that prevent individuals from starting a retirement plan. It recommends countering "temporal bias" by getting in touch with their "future selves" and practicing visualization techniques. Financial education and the power of compound interest are also emphasized. The report supports government-facilitated retirement plans and highlights the Secure 2.0 Act, which requires auto-enrollment in retirement plans unless employees opt out.