Here's how much the typical American has saved for retirement at every age - Business Insider

Retirement savings need plenty of time to grow, and younger people appear to be taking this to heart

, where money saved generates interest on itself. The more years this process has to work, the more savings will grow.

"If you waited an extra 10 years to start saving for retirement, you could be missing out on over half of the possible savings," Amy Oulette, a financial planner and the director of retirement services for Betterment and Betterment for Business,The typical 60-something hasn't yet hit $1,000,000, and that could be a problem

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