CHICAGO (WLS) -- Not saving enough for retirement can be a financial regret.
According to Bankrate.com, nearly one in three Gen Z workers are not actively saving for retirement.
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The move could ultimately cost them hundreds of thousands in retirement savings, but inflation, higher costs of living and reduced income can be challenging factors.
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Still, experts say you can still save, even if it's a small amount. For example, a 22-year-old worker who starts investing about $5,000 in a 401k or similar investment, with about an 8% return, could end up with almost $1.3 million at age 62.
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But, if you don't start investing until 32 years old, you could cost you more than $700,000!
If you're just getting started, buy a diversified portfolio, add to funds regularly and hold on to the investments through both good times and bad. And, wait for the long-term payoff.