Too many Americans remain poorly prepared for retirement.

Although most of us work hard throughout our adult lives, many have little saved as they approach their golden years. I want to share a few observations about why this problem is so important, and why the answers will require each one of us to do our part.

First, we need to acknowledge that saving for retirement is not an option – it’s mandatory. When we are not able to care for ourselves in our own retirement, we become a burden to our children. This is turn prevents them from saving because they are spending funds taking care of us. This in turn makes it difficult for them to save for their own retirement. It’s time to break this vicious cycle.

Don’t count on social security – it’s not enough money. The average monthly check is only $1,100. Think about your mortgage or rent; consider how much you spend a month on food, and you’ll see this amount will not go far.

You have to take care of yourself – no one will do it for you. If you need help understanding your investment options at work, see your HR department or seek a financial advisor for your personal investments. Remember, it’s YOUR money and your retirement – so never feel embarrassed to ask questions.

Source: Ariel Investments