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BOSTON (CBS) The reality is that you are going to be responsible for your own retirement savings. Fewer employers are offering pensions to employees.

Waiting to start to save until you are 40 is a big financial mistake. You have already let the key years for saving pass you by.

If you start at forty and plan to retire at age 67 you have 27 years of savings and investing. But if you start at age twenty you have 47 years.

The longer you wait to start saving for retirement the more money you will need to save.

If you want a $1 million in your retirement nest egg, and I used an 8% return which is realistic, and you start at age 20 you will need to come up with $160 a month for your retirement account. That will amount to about $94,000 saved over 47 years.

If you wait until age 40 to start you will need to invest $880 a month, thats $284,000 or 3 times the amount if you had started earlier.

At 40 you could have kids needing braces, college tuition, a car. Then there is really no money left over for retirement savings.

I have included a chart to illustrate retirement savings at various times in your working career on our website.

You are never too young to start thinking about saving for retirement. A kid in high school with her first job should be introduced to retirement planning by her parents.

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Retirement Myths: I Can Start Saving For Retirement When I’m 40