Do not wait. It will cost you more to wait than it will to get started now. If you wanted to save $1 million dollars by the time you reach age 67, assuming you earned 10% compounding interest, here is what you would need to save:
At age 27, you would have to save $214.00 a month
Total of $102,720 invested
At age 37, you would have to save $541.00 a month
Total of $194,760 invested
At age 47, you would have to save $1,491 a month
Total of $357,840 invested
At age 57, you would have to save $5,168 a month
Total of $620,160 invested
At age 62, you would have to save $13,258 a month
Total of $795,480 invested
The sooner you can get started saving, the fewer dollars you have to save to reach the same goals. The opportunity cost is the high cost of waiting!