JACKSONVILLE, Fla. – Everyone dreams about it, but are you really planning for it? New numbers show many people have nowhere near what they need to have in the bank to one day retire.
"I mean it's hard, I’m not going to lie," said Nelson Hernandez.
Hernandez, 24, is actually one of the few we found in his age bracket who says he tries to regularly stash some cash away.
According to the Washington Post, for the first time since the 1930s a majority of Americans are heading into a retirement where they will be worse off than their parents.
"I hate to give bad news, but it doesn't look too bright for the future of the younger generation,” said Mike Davis, founder of Davis Financial Services.
The Center for Retirement Research says approximately 53 percent of workers are on a path that will leave them unprepared.
Davis says he sees it all the time in the Jacksonville area. Many local companies are no longer offering any sort of retirement plan at all.
"Fewer and fewer are offering even 401(k)s now,” said Davis.
Those that do, he says, typically no longer match.
So what should you do?
“Start early. It’s not how much you save, it’s how long. And seek the advice of a professional. It will pay off in the long run,” said Davis.
Davis suggests, at a minimum, stashing away 10 percent of your annual income into a retirement account. But if you can afford more, he says, do it.