Saving for retirement at a young age.

Check out www.daveramsey.com he is very knowledgeable in that area. Some may not agree with his principles or strategy, but you can definitely learn a thing or two. Do research, lots of research. Talk to people and if you don't understand it, don't do it until you do. You can make really good money on your returns if it is invested properly, but you can also lose everything if you're not careful. Also beware of scam artists and shady get rich quick schemes out there. If it sounds too good to be true, it probably is.
And yes, retirement is imperative. The earlier you start, the better life will be when you get older.

 

My company has a small retirement plan, but i do not count on this alone i also have my own.

Bottom line i put approximately 550$ per months plus my company plan.

 

The company plans usually have high fees buried in them, so by the time you want to retire there isn't as much in there as you thought there might be.
If you want to take a hands off approach a robo-advisor such as Betterment may be for you.
Myself I have a self directed account (brokerage) and do my own stock trading, etf and mutual fund purchases there. But it can be a lot of work.

 

I will recommend joining a credit union and opening some type of retirement account. If you're a military veteran, look at USAA Credit Union. I also used a 401K through the trucking company, but did not buy trucking company stock because don't want the company to have any control over my retirement money or investments. Friend of mine I worked with lost his whole retirement savings, which at that time was over $200K and growing, when the trucking company went bankrupt. He had all his money in company stock and I had zero money in company stock. I didn't lose anything.
You can also buy rental property. I know a guy your age that now has about 10 rental houses/condos and always on the lookout for a good deal to add another one. He did it by being a frugal spender and living within his means. He works in the maintenance department for some company, so he's a blue collar worker.
You won't have to deal with the rental property directly after purchasing it. Let the real estate company manage it for you. For a small fee they will find renters, collect the rent, take care of maintenance, etc. It's worth it to let the real estate agent or a management company do all this so you don't have to have that stress and headaches yourself. You can just bank the money for your future.
Several drivers on here have rental property including me. One bought a 4-plex and lives in one unit and rents the other 3.
My regret is I didn't start saving when I was your age. If I had, I'd be rich now.

 

let someone else control your money untill your 65, thats a smart move lol

 

Just google something like Compound interest calculator ...
watch how when people say you have time on your side they really mean it - and the math shows it...
I just turned 30 and wish I had piled up more than what I already have (got a pretty good sum already).

I view it as over the course of 30 years, the money saved should double 3 times, as long as I never touch the principle. (going on the statistical market average over long run as 7-9%) That is at an average 7.2% return. So 250,000 would turn into 2,000,000. What does this mean? The day I get to 250,000 in my retirement accounts, I could potentially take whatever job I want, and spend 100% of the paycheck, every single time, and never have to worry about retirement money. Will I do that? Probably not. Do I want to be able to should I decide to go that road? Heck yes.

 

I agree about the company plans. Mine is pathetic, has high fees and grows at a snails pace. But, I just put a little in that one and have another with Fidelity and put about 15% of my gross in that one. It is a lot of work to do on your own, but I like being in control.
You can never have too much in retirement, and I hate relying on others. That's another reason I have a separate plan than my companies.

 

There are tons of resources on the net. I recommend opening an account over at Etrade and using their retirement advice. At your age start with maxing out your traditional or Roth IRA (individual retirement account) then invest in other things like 401 k's and annuities.

You are smart to invest now in your retirement. 20 years ago, if someone purchased $5000 worth of Amazon stock, today would be worth over $1 million. That is easy money.

 

This.