According to the Retirement Confidence Survey of 2013, only 66% of workers in America said that they and/or their spouse have saved ANYTHING for retirement. That means 20 year olds and 60 year olds alike many of which have absolutely zip, zero and zilch saved for retirement. This may come as a bit of a surprise considering all of the options for saving and investing out there....but there is always tomorrow, right?
Of those 66% who have saved, a full 57%, (over half), have less than $25,000 saved for retirement. 28% have less than $1,000. Now if you are 20 and just starting out....maybe this is ok, but really, it's not. If you are working at all during college, you should be saving. Saving for emergencies and saving for retirement. As Albert Einstein once said, "The most powerful force in the universe is compound interest." The biggest advantage young professionals have is time, and once it is gone you cannot get it back. The chart below shows the advantage time can create.