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While most Americans say that they are worried about retirement, most will have a hard time affording retirement at all with their current savings habits, according to Business Insider.

Recent Federal Reserve data says that about one-quarter of non-retired adults have no retirement savings plan at all and don’t expect any pension benefits either. Around 13% of non-retired workers over 60 have no retirement savings still. While early saving and investing has become more common, young people are still struggling to save for retirement. About 42% of 18-to-29 year olds and 26% of 30-to-44 year olds have nothing saved for the future.

A Bankrate survey found that most Americans, around 24% said that they contributed less or the same amount to savings last year because they are comfortable with their retirement savings. Another 23% said their savings decreased or stagnated because they can no longer afford to save with their income level.

Compounding interest rates make it so investing early in your career is far more beneficial than investing larger amounts later in life. Looming household debt and poor savings plans even in the middle of an economic boom is very worrying.

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