Saving for retirement ensures people can navigate their golden years with enough money to comfortably say goodbye to working full-time. The earlier one begins to set aside savings for retirement, the more money accumulates. Mass Mutual says a saver at age 22 with a goal to retire at age 65 can achieve total savings of $2,255,844 before taxes and inflation when putting away $500 a month for retirement.

Waiting until age 32 to start saving the same amount monthly drops the total savings down to $972,542, while waiting until age 42 shaves it down to $395,866. When a person starts saving at age 22, the rate of savings increases because of compounding interest over time. The earlier a person starts, the easier it is to end up with a nest egg that can ensure a comfortable retirement.

While it may be challenging to think about retirement when just starting out in a career, keeping an eye on the future with smart saving strategies can set people up for financial security later in life.