A third of Americans have no retirement savings

It’s no secret that most Americans have too little saved to fund a happy retirement at age 65. Research shows there are millions of people in their 30s, 40s and 50s who have nothing set aside for their retirement years.

According to new figures from Bankrate, more than a third of adult Americans lack such a nest egg. This includes 69 percent of 18-29 year-olds, 33 percent of 30-49 year-olds, 26 percent of 50-64 year-olds and even 14 percent of those ages 65 and older.

The data shows those who do save are starting at an earlier age than in previous generations. Twice as many 30-49 year-olds started saving in their 20s as opposed to their 30s. This differs from those who are now 50-64 years old, who were only slightly more likely to have started saving in their 20s than their 30s.

This shows younger Americans are more aware today of the retirement crisis they face than those who are now middle aged were when they were young.

With more and more of the Baby Boom generation reaching the traditional retirement age of 65 in the next 15 years, it is clear the country faces a crisis because there are just too many people who have nothing put aside for retirement. Social Security may help a little but it is not a substitute for a pension or retirement savings.

The bottom line? It is never too late to start saving for tomorrow.

Investments LPL Financial