When it comes to saving for the future, few Americans are on track.
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.
It gets harder to catch up the longer you wait, so it's best to start saving — and investing — as early as possible. By 35, you should have the equivalent of twice your annual salary saved if you plan to retire at 67 and live a similar lifestyle, according to a recent report by financial services company Fidelity.
That's twice as much as the amount you should have at 30, the equivalent of one year's salary.