Greg Melia--Never To Late To Save #3454

Americans are deep in the throes of a savings crisis, and the problem seems to be getting worse, not better. In 2015, a survey by GoBankingRates.com revealed that 62% of Americans had yet to amass $1,000 in savings. In 2016, that percentage climbed to 69%. Worse yet, the number of Americans with no savings at all jumped from 28% in 2015 to 34% in 2016. But that's not all. It's also estimated that one-third of Americans, many of whom are already in their 50s or older, have no retirement savings, either. And those who are saving aren't socking away enough.

According to a recent Transamerica study, the median amount saved for retirement among baby boomers -- those nearing retirement -- is just $147,000. It's not surprising, then, to learn that 60% of Baby Boomers are more afraid of running out of savings in retirement than dying.Even Gen Xers are far behind on their nest eggs despite having had access to retirement savings plans from the start of their careers. Transamerica reports that the median savings balance among Gen Xers is only $69,000. Meanwhile, only 12% are confident they'll manage to retire comfortably.

All of this might paint a pretty bleak picture, but there is some good news. If you follow one simple rule from this day on, you'll have a real opportunity to change your long-term financial picture: Pay yourself first.
Before you spend any money on bills, entertainment, or whatever other expenses come your way, put a portion of each paycheck into a savings account. If your emergency fund is lacking, complete it first. If you have enough short-term reserves, focus on retirement.