A few decades ago, it was commonplace for people to start saving for their retirement once they were 18 and had their first job. Today, some may not start saving for their retirement until their 30s or 40s. This is considered "late," but it really shouldn't be; it's now becoming average. What should you know if you feel as though you're entering in late? 

Don't Fret: People Are Living and Working Longer

In the past, people would save up from the age of 18 because they expected to retire at 55. No one retires at 55 anymore, and that's not a bad thing. People are living much longer and remaining vital throughout. While in the past many might expect to pass on in their 80s, today people are still remaining active and vibrant until that time. So, it makes sense that people are also saving for retirement a little late.

You Have to Save More or Work Longer

Your retirement is all about the amount that you save and the length of time you save it. By working five years longer, you can save significantly less per year. This is because of the way that compound interest works; the longer you work, the more your money makes each passing year. So, you might have to save $600 a month right now if you want to retire at 60. But you might be able to save only half that if you're willing to retire at 75. You need to do the math and consider how high risk your investments are.

You're Going to Need Money Management

If you're just starting to plan for retirement now, you're going to need to take a critical look at your income and your expenses. The best way to do this is through a money management service. A money manager will help you plan for the future, identifying how much you can save for your retirement, and how quickly you'll be able to save. There's good news: Usually, when you catch up to retirement you're allowed to invest more. But you still need to make sure you're on firm financial footing so that you don't need to take money out later.

Remember: No one owns your schedule but you. Everyone's life schedule is different. What's important is that you get started now, without any more delays. Money management services can help you get your financial situation straightened out.