Here's how many working Americans aren't saving any money for retirement or emergencies at all via CNBCMakeIt
Working Americans are still struggling when it comes to saving money for both their short-term and long-term goals: More than one in five don't save any of their annual income.
Researchers at the Stanford Center on Longevity project that, if you want to retire at age 65 and maintain your standard of living, you need to put 10 to 17 percent of your current income into a retirement account. And that's if you start saving as early as age 25. The survey also offers insight into why much of the population is lagging behind. When Bankrate asked survey participants why they aren't saving more money, the most popular response was"expenses," followed by"haven't gotten to it" and"job isn't good enough."
While all of this makes it more difficult to set aside money for the future, the longer you put off planning for your golden years, the further behind you'll fall. If you start at age 23, for instance, you only have to save about $14 a day to be a millionaire by age 67. That's assuming a 6 percent average annual investment return. If you start at age 35, on the other hand, you'd have to set aside $30 a day to reach seven figures by age 67.
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