1 in 3 Americas have not saved for retirement

One in three Americans have saved nothing for retirement.  Zero.  And if you're in a minority group, the news is worse.  

What's the cost of retirement? A lot. Let's go right to the numbers.

Let's say you make and live off of $50,000.  According to the Bureau of Labor Statistics you will need between $35,000 and $45,000 a year to live in retirement.  If you're a man, plan on needing money another 17 years, 20 years if you're a woman.  That's getting mighty close to a million dollars you'll need in retirement.

33 percent of us have nothing saved.
23 percent have less than $10,000.
10 percent have up to $49,000 saved for retirement.

Now, if you are in a minority group - black, Hispanic, female -  the numbers are even lower.  But according to Jesse Walton a senior VP at Morgan Stanley, it's never too late to start saving. This is what you can do monthly: create a budget, set aside a specific savings amount and create an emergency fund. And here's how you find the extra money, he says.

"In the world of American consumerism where the GDP spending comes from 70 percent of us going to stores and malls to shop, ultimately, that's what drives the economy.  It's been set up with the marketing to make us want to buy new things and appeal to luxury items and want more and more and more. But those who are intent with the older model car and don't feel like they have to get something new every month or two or three and keep savings a priority, that can go a long way.

Also, go through your credit cards and see where you have revolving charges that you've forgotten about. Remember, it's not what you make, it's what you save.