If you save 10% of your income from your early 20s to 65 you should be quite well set, presuming your expenses drop after retirement (kids are supporting themselves, house is paid off or you downsize to a lower cost smaller residence). If you can save a little more than 10% even better.
Problem is most people don't really think about it until they're in their mid 30s at earliest. When you are in your 20s or early 30s and have young kids so many things seem like more important priorities. And most people in their 20s can't even really conceptualize retirement. It seems impossibly far away, time-wise. But missing that first 15 years has a huge impact on the total compounding potential. If you start saving at 35 you have to save a lot more.
Problem is most people don't really think about it until they're in their mid 30s at earliest. When you are in your 20s or early 30s and have young kids so many things seem like more important priorities. And most people in their 20s can't even really conceptualize retirement. It seems impossibly far away, time-wise. But missing that first 15 years has a huge impact on the total compounding potential. If you start saving at 35 you have to save a lot more.