One of the main risks retirees face is outliving their retirement savings. Many of us will live for 30 years beyond retirement age, so we expect our retirement savings to ‘work’ for as long as we have worked. The ideal time to start saving for your retirement is with your first pay cheque. A good rule of thumb to allow you to maintain your lifestyle later on is to save 17% of your salary starting at age 25. If you start later, you will naturally need to save more or consider retiring later.