And the median amount of retirement savings for working-age families in the U.S., those between 32 and 61 years old, is just $5,000. That's a far cry from the recommended $1 million needed to sustain yourself in retirement.
Though it will be more difficult for older Americans to catch up, young people still have time on their side. The best thing you can do — to work toward milestones like buying a home and also ensure you have a sufficiently funded retirement — is to start saving early and take advantage of compound interest, in which any interest earned accrues interest on itself.
How much should you have saved by the time you hit 30? Here's what the experts say.