When I read recently that the average 60-something has just $112,500 saved for retirement, I was disappointed but not completely shocked. The unfortunate reality is that a lot of people are grossly underprepared for retirement and risk struggling financially during their later years due to a lack of savings.

Of course, it's easy to see why someone might get to the point of nearing retirement age with only a little more than $100,000 socked away. Life is expensive, and it's hard to prioritize retirement savings when you have pressing expenses to cover.

But one of the biggest mistakes you can make in the course of saving for retirement is waiting too long to start doing it. So if you've been putting off 401(k) or IRA contributions, you may be setting yourself up for disaster.

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Source Fool.com