BOSTON (CBS) – If I could sit down with every 20-year-old this would not be a problem! But it is. Young workers think they have all the time they need to save for retirement, so they can start later. Not a good idea!

If you have a job you should be saving for retirement. No excuses allowed here. Retirement planning should start with your first job. You may not have a lot of money to contribute to the plan but it always amazes me how much you can accumulate if you start early, because you have time on your side. A very long time!

For example, if you start with your first job at age 22 and you are able to put away $1,000 a year for the next 45 years until you are 67 and able to collect your full Social Security benefit and we assume an 8% return which is doable over 45 years, you could have close to $500,000 in your nest egg. Not bad!

But what if every time you get a raise you share that raise with your retirement plan? Well in 45 years you could have over a $1 million in that account. That’s not shabby and what that means is you won’t have to work at Walmart or Home Depot to supplement your Social Security income unless you want to.

So what will it take to save that $1,000 a year? What can you do differently to save some bucks? Pack your lunch. Save on average at least $4 a day, that’s $20 a week. $1,000 for the year. There it is!

Make coffee in the morning at home. You can still have your Dunkin Donuts’ coffee, but now you buy it by the pound instead of the cup. You can also get the Dunkin Donuts’ K-cups now.

Eat breakfast at home before you leave for work. Cook dinner at home instead of doing take-out. That’s another biggie!

Borrow DVDs, books and music from the library. Use public transportation, pump your own gas, visit mom on Sunday and eat free. I just had to throw that one in! That’s what my kids used to do and they took home the leftovers for lunches!

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