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A warning to millennials: it's already time to start saving for retirement

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Many households headed by people older than 55 have no money saved for their golden years – and young adults must act now to avoid a similar scenario

There’s no way to deny that most Americans are woefully unprepared for retirement. If you’re a millennial you may not want to hear it; if you’re older you may not want to, either. But for many of us, dreams about what we want to do when we finally stop working – travel the world, learn a new language, devote ourselves to volunteer work – are unlikely to come true.

As the non-partisan US Government Accountability Office reminded us this summer, as many as half of American households headed by someone 55 or older (and the last baby boomers turned 50 last year) don’t have a dime in retirement savings. Sadly, there is also plenty of evidence that those in their 20s are heading the same way.

Related: Why Americans' waning love affair with homeownership could spell trouble

Related: Can the stock market save millennials?

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