Despite experts recommending to aim for at least $1 million in retirement savings, nearly one in three Americans have less than $5,000 accumulated. The longer Americans put off saving for retirement, the harder it is to catch up.

An alarming number of adults think saving for retirement can wait. A recent study by Navient, a student-loan provider conducted a national Money Under 35 study of more than 3,000 adults aged 22 to 35. It found a mere 3 in 10 respondents are saving for retirement, believing they can safely put it off. So why is this happening?

The Causes

One of the main reasons that people choose not to save for later years is due to their short-term financial commitments. From saving to become homeowners to unexpected financial emergencies, there seems to be other imminent priorities when dealing with savings.

Other key findings from Navient’s special report include:

• Of those who are saving, the average amount saved was $32,818 last year, a decrease from the 2016 average of $37,638.
• Bachelor’s degree holders are the most likely to be saving for retirement. Nearly half of bachelor’s degree holders aged 22 to 35 (45%) are saving for retirement, more than their peers with other levels of education: 38 percent of advanced degree holders, 31 percent of associate degree holders and 25 percent of young adults who do not have a degree.
• Student debt is not preventing young adults with a degree from saving for retirement; however, graduates who paid off their student loans are able to save more. Bachelor’s degree holders who paid off their student loans have saved twice as much as those who are working on repayment ($47,297 vs. $25,301 respectively).
• Young adults who can simultaneously pay down student debt and save for retirement are more likely to report better financial health. However, for those who prioritize one goal over the other, young adults who pay off debt are more likely to feel “very good” about their financial health, compared to those who prioritize saving for retirement (36% vs. 23% respectively).

It’s Never Too Late to Start

You are better off choosing almost any investment option and starting to save now rather than putting it off. Young adults with access to an employer 401(K)-match program are nearly twice as likely to save for retirement, those whose employers offer a 401(k) plan have an average of $32,851 saved for retirement, nearly 75 percent more than those who don’t have that access ($18,879).

If you have a retirement plan at work that you haven’t signed up for, do it today. Don’t wait. Start the contributions now, even if you can afford very little. If you don’t have a retirement plan at work, sign up for a Roth IRA and start contributing, even if you can afford very little.

Make moves in your life (like adopting frugality or paying off debts) that will allow you to bump up those contributions as soon as possible. That way, you’ll be as ready for retirement as you can possibly be, and that’s one less little piece of background stress on your shoulders as you move through the many years of your life. If you’re looking to put away more, start by re-evaluating how you spend or putting away small amounts of money with each paycheck.

As you approach retirement age, it could be time to look at new, innovative ways to make your savings go further…

Getting the Help You Need

If you set a realistic goal and are proactive about reaching it, you’re more likely to succeed. However if you feel you’ve done what you can and still find yourselves short of that $1 Million recommendation, reaching out to a retirement income advisor is highly favored.

If you’re looking for ways to make your savings go the extra mile, the experts at CKS Summit Group design plans which are specifically structured to limit downside stock market risk. This allows us to protect our client’s assets while providing them with strategies for achieving effective tax reduction and inflation protection.

By taking a fresh new look into your retirement income, you can achieve safe, healthy growth of your savings with preservation of your principal balance. You have nothing to lose when setting up your complimentary strategy session with us, and everything to gain.

Don’t put off financially planning for your retirement. There’s help out there in making your savings grow when you need it most. Step one starts here.