Retiring on Social Security alone is not a wise move. Those benefits, assuming cuts don't arrive in the future, will only replace about 40% of your pre-retirement wages. That also assumes you're an average earner.

Now it's definitely possible to get by in retirement on less than 100% of your former salary -- especially since you won't have to carve out money for your IRA or 401(k) once you're no longer working. But living on just 40% of your former income isn't ideal. So it's important to do what you can to build up a nest egg that allows you to live comfortably later in life. That means making a commitment to funding a retirement plan consistently.

A recent FinanceBuzz survey, however, finds that only 23% of respondents began saving for retirement in their 20s. And if you wait too long to start funding your nest egg, you might sorely regret it.

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Source Fool.com