Im 35 with basically no retirement savings - is it too late to start?

Financial planner here. You're doing better than you think, and no, it's not too late. Let me show you the math. **First, some perspective:** - Average 401k balance at 35: ~$40,000 - Median 401k balance at 35: ~$13,000 - You're closer to average than you think - Those $200k people are outliers or had family help **The power of starting now:** If you're 35 and want to retire at 65, you have 30 years. That's plenty of time for compound growth. **Let's run the numbers:** Starting point: $8,000 Salary: $75,000 If you save 15% of income ($937/month): - In 30 years at 7% return: ~$1.2 million If you can do 20% ($1,250/month): - In 30 years at 7% return: ~$1.5 million That's a very comfortable retirement. **The catch:** You need to actually do it consistently. **How to make it happen on $75k:** 1. **Max out employer match first** - Free money, no brainer 2. **Then Roth IRA** - $7,000/year (2024 limit) 3. **Then increase 401k** - Work up to 15-20% 4. **Automate everything** - Never see the money **Your monthly savings target:** - 401k: At least $500-600/month (pre-tax, so less impact on take-home) - Roth IRA: $583/month to max it **Things that will accelerate your progress:** - Future raises - increase contribution each time - Side income - dump it all into retirement - Lifestyle inflation avoidance - don't upgrade spending with raises - Catch-up contributions after 50 (an extra $7,500/year to 401k) **The only way it's "too late" is if you don't start.** 35 with 30 years ahead? You're in a great position. Some people don't start until 50. Now THAT's stressful. Stop comparing to others. Start today. Automate it. Check back in 10 years and you'll be shocked at the progress.