A recent survey conducted by Bankrate.com shows that a third, or 36 percent, of people in America have nothing saved for retirement, including 14 percent who are 65 and older.

The figure is alarming, said Bankrate.com Chief Financial Analyst Greg McBride because that would mean people have to save so much in order to make up for years they were not saving for retirement.

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The survey, released by Bankrate.com on Monday, showed that 26 percent of Americans aged 50 to 64 have not started saving for retirement. For people 30 to 49 years old, it was 33 percent.

What was alarming as the survey found out is that 14 percent of people age 65 and older have no retirement savings whatsoever.

"The low savings rate for people at or approaching retirement age is alarming... adults who haven't begun saving should start now, even if it involves putting away just a small amount of money each week," said McBride.

The findings of the survey, which covered 1,003 adults across America, however were not all grim, McBride stressed as it indicated that younger perpl are starting to save earlier tha in past generations.

About 32 percent of people ages 30 to 49 started saving for retirement in their 20s compared with 16 percent who began in their 30s.

The findings also showed that about 24 percent of people 50 to 64 started saving for retirement in their 20s against 21 percent who began in their 30s.

McBride said automatic enrollment in 401(K) plans has helped people to start saving earlier. Younger people have also started getting aware of the financial problems of Social Security, prompting them to start earlier on their retirement plans.

"The burden for retirement savings is increasingly upon us as individuals, and people are aware of that," McBride said.

Tagsretirement, pension, US Pension