"Most people, if you’re looking at 50 or 100 dollars a month have that somewhere in their budget that they can cut."
Recent studies suggest people aren't trying to figure out their retirement plans especially if you’re a young adult, but are people hurting their future by postponing their savings?
Experts say the cost of waiting on a retirement account may cost you nearly 40-thousand dollars a year and to stop stalling and save.
"I really think that although it's hard when you first get a job to put money aside for retirement. The earlier you start, the more money you’ll have when you retire," said Jonah Bank President and CEO Mark Zaback.
Investors say parents should educate their kids about savings at an early age.
"Kids just aren’t taught at an early age to save,” said Zaback. “Saving is such an important thing yet it seems to be a lost art. You need to save for college. You need to save for retirement. You need to save for emergencies. Saving is important."
There are always plenty of options to put money aside for young people.
"With a traditional IRA you get a tax deduction from putting it in and it grows tax deferred. With a Roth IRA its not a tax deduction but after its been in for 5 years it grows tax free. You can take it out after 5 years with no penalty." Hilltop National Bank’s Sharon Darr.
The money will add up quickly with compound earnings especially if you are consistent in your payments.
"A 25 year old now saving 200 dollars a month for 40 years can retire with a million dollars assuming our at eight to nine percent on your long term investments, which is entirely reasonable."
Consider your priorities and see if you can make small sacrifices.
"It’s kind of the pay yourself first because you can pay everything else first and be left with nothing or you can pay yourself first and you'll figure out a way to pay for everything else. Most people, if you’re looking at 50 or 100 dollars a month have that somewhere in their budget that they can cut."
Darr says most of the responsibility for funding retirement is shifting toward the individual instead of through their company.
Some companies will match your payments, which can quickly add up in the future.
It is beneficial to work with your company on a 401k plan if they have one available.