The best time to start retirement planning is as early as possible. Even small contributions in your 20s and 30s can grow significantly due to compound interest. However, it is never too late to start planning and improving your retirement outlook.

Financial experts typically recommend saving 15-20% of your pre-tax income for retirement. However, the exact amount depends on your retirement goals, current age, expected retirement age, and desired lifestyle in retirement.

Traditional IRAs offer tax-deductible contributions with taxed withdrawals in retirement, while Roth IRAs use after-tax contributions but provide tax-free withdrawals. Your choice depends on your current tax bracket versus expected retirement tax bracket.

Yes, you can contribute to both a 401(k) and an IRA in the same year. However, your ability to deduct Traditional IRA contributions may be limited if you are covered by a workplace retirement plan and your income exceeds certain thresholds.