Gen Y, take heed: More than half of all workers report they have less than $25,000 in savings, according to a survey by the Employee Benefit Research Institute. As baby boomers approach retirement, a good number are worried about their financial future — a problem that, in many cases, could have been avoided if they’d simply started saving at a young age. So how much should you save? The Center for Retirement Research at Boston College shows what percentage young workers should save starting at age 25, assuming they’re a lower-income earner with a 4% rate of return. To retire at age 62, the worker should save 18% of their income; if they’re happy to work until age 70, they only need to save 3%.

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