Since this has become an "OMG old age" thread, I thought I would offer some words of wisdom for those of you still in your 20s or younger.
It is never too early to start saving for your retirement. I started working at 15 or 16, if I had started putting away $50 or $100 a month into a Roth IRA that was invested in something like a Vanguard index fund, and then upped that to $200 a month by say 26, and then just left it at that rate until I finally got my first "career" type job at 32, I'd be way better off than waiting until 32 to start investing (as soon as I had a job with an actual 401k I went in for 10%, I should have done 20% but oh well).
My point is, no one in their teens or 20s thinks about this, particularly if your family doesn't talk about it, or stress it since god knows they don't teach it to you in school.
While you generally don't have a lot of money at that age, what you do have is time. Lots of time. If you start investing at 16, you have 50 years to grow your money before you think about withdrawing it at 66. Even small amounts, invested regularly, will result in a large sum by the time you're that old. I think I used one of the many online retirement calculators (Schwab has a good one) and figured out that if you put in $50 per month starting at 12, never increased the contribution rate but steadily kept it going, you'd have easily $500k by age 66. While you wouldn't have the opportunity to work a job at that age, you could easily earn that type of income in the US doing odd jobs (car washing, dog walking, that kind of thing). If you wanted to wait until 16, kept the contribution rate the same and retirement age the same, you'd still have over $400,000.
If you bumped your contribution rate, you could easily reach 2 million on even a modest salary (say 25-35k).
But the trick is starting early and making those contributions rain or shine.
Anyway, I doubt anyone will listen as I sure didn't listen to my dad when I was 16. 🙁
I figured I am just making peanuts now, I will make way more when I get out of college, I can afford to delay saving until then. I didn't anticipate that I would spend most of my 20s broke as hell.