Let's face it: The low savings rate for people at or approaching retirement age is alarming.
To that point, more than a third of American adults have no retirement savings, and 14 percent of those ages 65 and older also haven't put money away yet, according to a recent study released by Bankrate.com.
Overall, 36 percent of those 18 years or older have not started saving for retirement, according to the survey of 1,003 adults.
"They still have time to start, but they still have to save so much as a percentage of their income to make up for the years they weren't saving that it puts them in a tough spot," said Greg McBride, chief financial analyst for Bankrate.com.
This all hit home with me personally. My parents left inheritance money in an irrevocable trust for their six grandchildren. They trusted me to handle the money matters for them, so now I, as the executor, have spent a great deal of time discussing investment options with a bunch of 20-somethings.
I made it clear that they should have fun with some of the money, but I also stressed they needed to start planning now and invest for their retirement.