The number probably isn't what you expect.

Working Americans are often told to try to set aside 15% to 20% of their income for retirement. And inevitably, many fail to do that.

That's understandable, though. It's by no means easy to part with up to one-fifth of your monthly paycheck when you have a host of bills to cover.

And let's be realistic: We all have wants. Whether it's your daily morning latte from a coffee shop, takeout dinners a few nights a week, or a nice island vacation once or twice a year, it's not unreasonable to want to spend some of your hard-earned money on things that make you happy.

For this reason, many people struggle to save for retirement despite knowing how important it is. In fact, Vanguard recently compiled some information on average 401(k) plan balances

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