Today, it really starts getting tough at 40. There recently was a FReeper who offered this advice: "Young workers should find a good job and start saving their money so that by the time they turn 40, they will be in a position to start their own business.
Actually by 45-50 I plan on going into teaching its always been a dream of mine and if I get into it early enough 45 I can do it for 20 years and get some kind of pension in addition to my savings now as an Engineer..
Today, it really starts getting tough at 40.
You know, my husband and I were just talking about this the other day. We both just turned 40 and we can already see the writing on the wall for what the future holds. Currently, I work only one day a week to stay home with the kids, but we both work for the same company. Their MO has become very clear: once you start accumalating vacation time and benefits and hit 50/55, you can expect a visit from upper management telling you that you have been 're-assigned'. They don't fire you per se, they just make your life so miserable that out of depseration you do quit and try your luck finding another job, only to be faced with more age discrimination. This has happened to several of his older friends and co-workers. Basically, they only want new, 20 something grads with no family and lots of debt so they are willing to work as much and under any conditions. Experience means nothing anymore, and in fact, has become a liability. We have always saved aggressively and lived within our means. I have wanted to build a nicer house for years, but especailly now that my husband turned 40, he says we will never be able to afford to since we need to save for the inevitable.
They are in for one heck of a lot of work. And waiting until 40 to get the business going? I don't care what anyone says, you have 10x the energy needed to get a business moving when you are younger. Those 16 hour work days for months straight to get a business rolling wear you down much more when you get older.
And, you better make sure you start that business with savings dedicated only for the purpose of starting a business - don't use your house or other savings to do it. Too much risk in that downside.
I'm 38 and just got out on my own after 10 years of corporate idiocy. But that idiocy bought me a house and a lot of savings, so it was a fair trade. Glad to be on my own now. People have to realize you can't count on anyone but yourself, and sometimes you can't even count on that!