Plight of seniors offers a warning to young consumers

Saving for retirement when you're in your 20s or 30s might seem silly. It's sure not as fun as spending your whole paycheck on things you probably don't need. But young consumers need to see this video to appreciate why saving for retirement is so important.

Setting money aside now surely is less painful than living in a van? Than skipping meals because you don't have enough food? I started saving for retirement as soon as I got out of college. I signed up for the 401(k) plans offered by employers, and even after I became self-employed, retirement savings was one of my top financial priorities.

Young consumers are too quick to think that they have plenty of time to save for retirement. With the uncertainty of our Social Security and Medicare systems, its more important than ever to be prepared. Start saving now and avoid this kind of pain in your golden years.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.