Retirement strategies based on birthday? Start savings now

Despite warnings to the contrary, many Americans aren’t saving for retirement. About half of households age 55 and older have no retirement savings, according to a May report by the Government Accountability office.

But for employees being blasted with open enrollment information this October, it’s never too soon to start. When it comes to retirement, it’s all about the time value of money, Matt Sommer of Janus Capital Group told CNBC’s “Power Lunch” Tuesday.

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