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It is never too early to begin planning for retirement, even if you are only in your twenties, says the College for Financial Planning. "Most people don't begin retirement planning until they are between the ages of 35 to 44 -- 10 years later than what most planners recommend," says Janet Walsh, academic associate in the organization's retirement planning division. Getting started on a savings plan early in your career is important for several reasons, it says:

Increased longevity means you will need a bigger nest egg to provide for a longer retirement.

Inflation is increasing at an average rate of about 5 percent, which will erode savings that are not invested wisely.

If Congress continues borrowing against the Social Security fund, it is possible the fund will be depleted by 2048.

Businesses are finding it more and more expensive to establish and maintain retirement plans for employees.

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