Millions of older Americans are nearing retirement without a penny in savings

Sad to see. One of the talks I would always have with new Soldiers is the importance of saving for the future. I learned a very simple approach from a senior officer at my first assignment that lived with me the rest of my life - "pay me now, pay me later".

Every time you get a pay bump for whatever reason (COLA increase, promotion, longevity increase, etc) you take 50% and enjoy it as a raise ('pay me now') and take the other 50% and put into long-term savings/investments ('pay me later').

Using that approach, it doesn't matter how much you make as if you only got a $20 pay bump, that would still be an extra $10 a month going into your future, and just assuming a moderate return (6%) over 30 years, I always keep the phrase "1 buck gives me 1,000" ($1 at a 6% earnings is a bit over $1k in 30 years).

Failure to plan has consequences

If one starts early in their career, using 401’s, IRA’s, etc. they can start small and as their salary grows so will their retirement fund.