Only about half of Americans have calculated how much they’ll need to retire, and many are falling behind. According to recent data from the U.S. Department of Labor, more than a quarter of private industry workers with access to a defined contribution plan like a 401(k) are not participating. Considering the average American spends roughly 20 years in retirement, experts warn that planning ahead is critical.

DOL financial advisors emphasize three key steps: start saving and keep saving, know your retirement needs, and contribute to your employer’s retirement plan if available. Even modest, consistent contributions can make a dramatic difference thanks to compound interest. For example, someone saving $6,500 annually at a 7 percent return could accumulate nearly $900,000 over 35 years. By contrast, waiting 15 years to start would leave them with less than half that amount.

Experts recommend aiming to replace 70 to 90 percent of pre-retirement income and encourage workers to take advantage of employer matches whenever possible. Stacking assets like gold and silver can also be a critical component in long-term financial planning, also allowing those who save to leave behind a legacy.