asked young people when they'd like to retire, and most of them responded at 61 years of age.

Yet the National Institute on Retirement Security says two thirds of people 18 to 37 have nothing put back in a retirement account.

Lee Onwuka, a Millennial employed at the Independent Women's Forum, says more of them would be putting back money for retirement if they were not saddled with student loan debt.

"That's a lot of money that could be put into a 401k or a retirement savings vehicle," she says. "So it's not surprising that a lot of young people, who do have student loan debt, have to pay off that debt before they start to think about savings for the future."

Responding to those stated plans of "retiring at 61," financial expert and Chris Hogan says it's good to have a goal.

"Goals are important in life," he tells OneNewsNow. "It gives us benchmarks, and it also allows us to be able to keep the score and understand where we are versus where we want to be."

So what does Hogan suggest for Millennials reading this information?

"The sooner you start off, the better of you're going to be," he answers. "I tell people, Your money has two best friends: time and compound interest – (and) the more you allow it to sit there, the more it can grow for you."

That applies, he says, to people of all age groups.

"I want people to make decisions and choose to work or travel and do the things they want to do, not get stuck working 12- to 14-hour shifts on a job they don't love, because they have to," says Hogan.

People often make mistakes with their money, he adds, but to make decisions that help you and your family, there needs to be a financial plan that works.